Seven cleantech companies have been accepted into the inaugural Atlantic Canada Cleantech Scale-up and Investment Challenge, which offers a chance to win $100,000 in equity funding.
The Challenge, which is presented by Imaginal Ventures, Foresight Canada and Spring Activator, is made up of several regional competitions. Christine Whiteside, Program Manager at Spring Activator, said there will likely be a total of 10 participants in the Atlantic Canadian program, with seven confirmed to far.
The top five companies will move on to the grand finals on Dec. 5, when they will pitch for a $100,000 equity investment. The goal of the program is to help the participating companies scale, and also improve the country’s cleantech ecosystem by bringing new investors into the sector.
“Founders of cleantech companies in Atlantic Canada deserve the support of powerful networks, innovative tools and knowledge to accelerate scaling up to solve our urgent climate challenges,” said Imaginal Ventures CEO Dorothy Spence in a statement.
“We have come together as partners to build the ecosystem on both sides: the venture and the investors. This will increase the speed to market of these excellent Atlantic Canadian businesses to have the impact we need.”
The companies participating from Atlantic Canada are:
Anessa Biogas Software, Fredericton
Anessa is a software company whose products improve the efficiency of organizations converting waste to energy. Its software supports decisions on complex project design and operating conditions for anaerobic digestion facilities.
KorrAI, Halifax
KorrAI is working on a data-as-a-service platform that consolidates geological data into digital maps for use by mining companies.
3F Waste Recovery and Collaskins, St. John’s
3F Waste Recovery is a life sciences manufacturer focused on converting fisheries and natural resource waste into natural food, cosmetic and pharmaceutical ingredients. Its Collaskins product is a brand of pet treats made from cod skins.
Rayleigh Solar Tech, Dartmouth
Rayleigh is developing perovskite solar panels -- a novel design of solar cell that uses a crystalline structure similar to the mineral perovskite.
Net Zero Edge, Dartmouth
NZE is developing technology to place data centres on the seafloor with the aim of delivering more efficient cooling and saving on real estate and infrastructure costs.
Drinkable Water Solutions, Dartmouth
Drinkable has developed a device that is smaller than a smartphone and tests water for about a dozen common contaminants, such as lead, arsenic and uranium. CEO Matt Mizzi has said the product’s initial application will be to help the millions of people with wells to test their water in an easy and affordable way.
PLAEX. Dieppe, NB
Founded in 2017, Plaex uses waste material to create bricks used in construction. The sustainable building materials involve an innovative interlocking system which was designed to address environmental challenges created by current building practices.
The Scale-Up and Investment Challenge aims to connect Atlantic cleantech ventures with investors from across Canada and support them in navigating the investment process. The program will emphasize obtaining measurable, social and environmental impacts in the Cleantech industry as well as a financial return for investors.
Anyone interested in becoming an investor can apply here. The deadline is Sept. 15.
The Challenge is a collaboration between three organizations dedicated to improving the cleantech ecosystem in Canada.
Imaginal Ventures is an Atlantic Canadian organization that offers programming to support impact-focused companies. Foresight Canada is a not-for-profit organization that advises clients on developing cleantech companies and the ecosystems that support them. Spring Activator is an international accelerator and advisory firm that supports entrepreneurs, investors, and ecosystem groups.
