Canadian cleantech venture fund adds capital
Canada’s NGIF Cleantech Ventures said July 26 it had completed a second close, adding C$15mn (US$11.9mn) in committed capital to the C$35mn committed in its initial close earlier this year.
Additional capital came from producers ARC Resources and Tourmaline Oil and Tidewater Midstream and Infrastructure, all of which participated in the fund’s initial round, which also included Canadian Utilities Limited (part of the ATCO Group), Birchcliff Energy, FortisBC Energy and TC Energy.
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“Canada’s track record of building global cleantech innovators continues to accelerate,” said John Adams, CEO of NGIF Capital and managing partner of NGIF Cleantech Ventures. “Working closely with our strategic investors, we are looking forward to identifying transformational solutions and building a portfolio of great cleantech companies.”
NGIF Cleantech invests in solutions that lead to improved environmental performance in existing natural gas production, transmission, distribution, storage, or end-use applications; or through the production of renewable gases such as renewable natural gas or hydrogen.
“The current venture capital market remains very strong, and our pipeline of high-quality investment opportunities continues to grow,” Adams said. “In this environment, our team has been moving quickly to implement our investment strategy and assemble the core building block companies of our portfolio.”
The fund was launched in April 2021 with initial capital commitments from seven strategic partners, and remains open to new strategic and institutional investors until it reaches C$100mn, Adams added.