BDC doubles down on cleantech investment, launches new $400M Climate Tech Fund II
Montréal, November 2, 2022 – BDC, the bank for Canadian entrepreneurs, today announced its new $400M Climate Tech Fund II, a renewed commitment to play a leadership role in creating world-class Canadian cleantech champions. The new envelope brings the Fund’s committed investments in the innovative cleantech/climate tech sector to $1 billion.
BDC launched its Cleantech Practice’s $600M Fund I in 2018 to address the lack of risk capital for the commercialization and scale up of Canada’s cleantech and climate tech industry. The fund was innovative in that it was flexible, multistage (seed to growth), and patient, which better suited the entrepreneurs in this space.
“BDC will play a leading role in helping Canadian climate tech firms dream bigger and become global technology champions. Here at home, BDC will enable the scale up and deployment of low carbon technologies which are so fundamental to Canada’s ability to meet its GHG emissions reduction targets,” said Isabelle Hudon, BDC’s President and Chief Executive Officer. “This new Climate Tech Fund reflects BDC’s ambition to help build a clean, low carbon, circular economy.”
BDC’s Cleantech Practice partners with leading global institutional investors and government funding programs to support dozens of high potential cleantech/climate tech firms. Now that Fund I is fully committed, BDC’s new Climate Tech Fund II will help preserve and extend Canada’s position in this strategic sector by continuing to build and grow the ecosystem for climate tech firms.
“BDC’s Cleantech Practice is one of the largest, most active investors of its kind in Canada. Our investment strategy is not about market trends but GHG emissions reduction,” said Jérôme Nycz, Executive Vice President, BDC Capital. “BDC’s Climate Tech Fund II will reinforce the importance of low carbon supply chains, help the commercialization, scaling and adoption of Canadian technologies in Canada and abroad and create opportunities for climate tech firms.”