Today's News |
Business Development Bank of Canada & Breakthrough Energy Solutions Canada Commit $40M for Breakthrough Energy Technologies
Friday, August 9, 2019
Vancouver, BC, August 9, 2019--(T-Net)--The Business Development Bank of Canada (BDC) has committed $10 million through its Cleantech Practice to support companies under Breakthrough Energy Solutions Canada (BESC), a program that aims to bring game-changing clean energy innovations to market.
Breakthrough Energy Solutions Canada has announced the new partnership with the Business Development Bank of Canada (BDC) earlier today.
The partnership will enable BESC cohort projects to benefit from BDC's 75 years of experience providing small and medium businesses with advice.
BDC have committed an investment of up to $10 million for successful cohort companies (for a combined $40 million in investment funds available to successful companies from both organizations)
Breakthrough Energy Solutions Canada (BESC) is a first-of-its-kind public-private initiative in Canada aimed at accelerating the development of clean energy technologies in the electricity, transportation, buildings and manufacturing sectors with the potential for substantial pollution reductions globally.
Launched under a new stream of Natural Resources Canada's Energy Innovation Program, in partnership with Breakthrough Energy, BESC builds on the shared objectives of advancing a sustainable and resilient clean energy future.
The initiative was launched with an investment of up to $30 million from the Government of Canada (through Natural Resources Canada) to foster cutting-edge companies to deliver game-changing clean energy innovations to the market.
This funding is intended to harness the expertise of both Natural Resources Canada (NRCan) and Breakthrough Energy in clean energy technologies — with NRCan conducting and overseeing the funding call and Breakthrough Energy providing valuable insights and exposure to global investors.
"Canada's cleantech companies are best-in-class, but scaling up to global markets remains their biggest challenge. BESC opens the door to companies that have a huge transformational potential; supporting them is fundamental to our economy and our future as a country." said Susan Rohac, Vice-President, Cleantech Practice, BDC.
What successful applicants will receive
As of August 7, 2019, this program will now make available a total initial investment of up to $40M for breakthrough energy technologies.
It is also an opportunity for Canadian entrepreneurs and start-ups to access potential funding and valuable insight from private investors, like Breakthrough Energy Ventures (BEV) and BDC.
The successful cohort of companies will also have the opportunity to attend annual "pitch events", where they can showcase their innovations to investors like BEV and BDC for the opportunity to be considered for additional private investment.
See more details here.
About Breakthrough Energy Solutions Canada
BESC is a first-of-its-kind public-private initiative, co-developed in partnership with Breakthrough Energy, aimed at accelerating the development of clean energy technologies with the potential for substantial global pollution reduction in the electricity, transportation, buildings and manufacturing sectors.
About BDC CleanTech Practise
Flexible financing to help you scale
Through our Cleantech Practice, we can help you meet the often capital-intensive needs of scaling and accelerating your growth. We offer equity and flexible financing to cleantech firms with: