Innovative Nova Scotia companies will have better access to capital thanks to a $2-million investment in a fund designed to support high-performance clean technology companies.
Premier Darrell Dexter announced today, Oct. 21, at the Power of Green Conference, that the province, through Innovacorp, has made the investment in the Cycle Capital fund. The $80-million Cycle Capital fund makes investments in high-potential clean technology opportunities, primarily in eastern Canada.
"This partnership significantly increases the likelihood of Nova Scotia's clean technology companies to have access to the capital they need to compete globally," said Premier Dexter.
The clean technology industry includes companies that focus on alternative and renewable energy, energy savings, greenhouse-gas reduction, capture and storage, environmental remediation, and air quality and emissions management.
Through the investment, the province will have:
- unique high-level access to Cycle Capital fund decision-makers to position Nova Scotia clean technology opportunities
- access to industry knowledge and global experts
- more potential investments in Nova Scotia by the fund and its North American partners.
Through its internationally recognized High Performance Incubation(HPi)TM business model, Innovacorp has a proven track record of attracting capital investment from within and outside Atlantic Canada.
"The proactive nature of Innovacorp's HPi business model, the team's ability to identify and groom venture-grade companies and the considerable assets of the region are very attractive to Cycle Capital," said Andrée-Lise Méthot, founder and senior partner of Cycle Capital. "We look forward to working with Innovacorp and its high-potential clean technology companies."
Cycle Capital Management is a venture fund manager dedicated to the clean technology industry. Cycle Capital has $80 million in limited partnership commitments from an impressive list of partners, including: Investissement Québec; Fonds de solidarité FTQ; Fondaction; Fonds de développement de la CSN pour la coopération et l'emploi; Cascades Inc.; Caisse de Dépôt et de placement du Québec (CDPQ); Centrale des Syndicats du Québec (CSQ); Brookfield Renewable Energy; Fonds d'actions québécois pour le développement durable (FAQDD); Master Group; and Innovacorp.
"Innovacorp is uniquely positioned to work together with clean technology entrepreneurs, investors, the academic research community and professional services organizations," said Dan MacDonald, president and CEO of Innovacorp. "Through Innovacorp, the province will proactively seek, support and potentially invest in high-potential clean technology companies, with a goal of attracting additional venture capital financing."
For more information, please contact:
902.424.8670 (ext. 1197)
Halifax, Nova Scotia, October 21, 2009