Deputy Prime Minister announces first investment by the Canada Growth Fund
News release
October 25, 2023 - Calgary, Alberta - Department of Finance Canada
Today in Calgary, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the first investment by the Canada Growth Fund—the new flagship investment fund which is a pillar of Canada’s clean economy jobs plan.
With a $90 million investment in a groundbreaking geothermal energy company, Calgary’s Eavor Technologies Inc., the Canada Growth Fund is creating good jobs for Albertans and securing the Canadian future of a company at the leading-edge of the global clean economy.
Eavor has developed the Eavor-Loop™, the world’s first scalable technology for closed-loop geothermal power and heat generation, which captures geothermal energy to produce steady and dependable heat and electricity without any emissions. This technology has the potential to significantly reduce emissions both in Canada and around the world.
The Canada Growth Fund’s investment will enable Eavor to scale-up its emissions-reducing technology, ensure the company’s headquarters and majority of its workforce remain in Canada, and create new jobs at its Calgary headquarters.
The Canada Growth Fund is a $15 billion arm’s length public investment vehicle led by some of Canada’s leading investment professionals, which was launched by the federal government to attract private capital and invest in Canadian businesses in order to build Canada’s clean economy and create middle class jobs across the country.
Quotes
“We created the Canada Growth Fund to build Canada’s clean economy and create great careers for Canadians from coast to coast to coast. Today’s investment in Eavor—the Growth Fund’s first—will help to do exactly that, and it is an example of how our clean economy jobs plan is and will continue to deliver for people in Alberta and right across the country.”
- The Honourable Chrystia Freeland,
Deputy Prime Minister and Minister of Finance
Quick facts
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The Canada Growth Fund, which commenced operations in summer 2023, is deploying a suite of investment tools, including carbon contracts for difference, that will de-risk and bolster private investments in low-carbon projects, technologies, businesses, and supply chains. The Growth Fund is a pillar of Canada’s clean economy jobs plan.
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The Canada Growth Fund, which is led by some of Canada’s leading investment professionals at the Public Sector Pension Investment Board (PSP Investments), was capitalized with $15 billion for deployment over the next five years in Canadian projects and technologies that will help to transform and grow Canada’s clean economy at speed and scale on the path to net-zero.
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The Canada Growth Fund will make strategic investments to help Canada meet the following national economic and climate policy goals:
- Reduce emissions and achieve Canada’s climate targets;
- Accelerate the deployment of key technologies, such as low-carbon hydrogen and carbon capture, utilization, and storage (CCUS);
- Scale-up companies that will create jobs and drive productivity and clean growth across new and traditional sectors of Canada’s industrial base;
- Encourage the retention of intellectual property in Canada; and,
- Capitalize on Canada’s abundance of natural resources while strengthening critical supply chains to secure Canada’s future economic and environmental well-being.
Associated links
Contacts
Media may contact:
Katherine Cuplinskas
Press Secretary and Senior Communications Advisor
Office of the Deputy Prime Minister and Minister of Finance
Katherine.Cuplinskas@fin.gc.ca
Media Relations
Department of Finance Canada
mediare@fin.gc.ca
613-369-4000
General enquiries:
Phone: 1-833-712-2292
TTY: 613-369-3230
E-mail: financepublic-financepublique@fin.gc.ca
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