Deputy Prime Minister welcomes the Canada Growth Fund’s third investment

From: Department of Finance Canada

News release

March 25, 2024 - Ottawa, Ontario - Department of Finance Canada

Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, welcomed the announcement of the third investment by the Canada Growth Fund—a $50 million investment in Montréal-based Idealist Capital. This will help innovative clean tech businesses across Canada to scale-up their ideas into solutions that will create good jobs, grow the economy, and accelerate Canada and the world’s progress towards net-zero.

Since the federal government launched the $15 billion Canada Growth Fund last year, including today’s investment, $1.34 billion of its capital has been committed to a world-leading geothermal energy technology company, the world’s first of its kind carbon contract for difference, and now, to clean tech entrepreneurs and innovators through a leading Canadian-based climate fund. Today’s investment will help build a world-leading clean tech ecosystem in Canada by ensuring entrepreneurs have the capital needed to grow. These three investments are providing clean innovators with the support they need to create jobs and scale-up their businesses, reinforcing Canada’s position at the forefront of the world’s race to net-zero.

The Canada Growth Fund’s $50 million investment in Idealist Capital will boost the Idealist Climate Impact Fund’s ability to help businesses commercialize technologies, products, and services that will accelerate the clean energy transition. This will enable entrepreneurs to grow made-in-Canada innovations, build a more resilient ecosystem of growth-stage clean tech investors, and create more good-paying jobs as businesses scale-up.

Idealist Capital is an experienced team of investors with a track record of supporting the growth of clean tech businesses in Canada, which focuses on decarbonizing energy, electrifying transportation, and decarbonizing industry, and promotion of a circular economy. Idealist Capital’s recent investments are enabling clean tech companies in Montréal to expand the size of HVAC production facilities; bring to market bidirectional home and EV energy stations that lower energy costs and promote grid stability; and develop the next generation of ultra-wideband semiconductors. With today’s investment from the Canada Growth Fund, Idealist Capital will be able to further support Canadian clean tech innovators in scaling-up their businesses, create more jobs, and attract further private investment to Canada.

In the upcoming budget, the government will announce further action to grow the economy and create good-paying jobs today and for the next generation. Through initiatives like Canada Growth Fund, the government is empowering entrepreneurs and innovators to turn their ideas into success stories, helping to unlock a brighter, more prosperous future. 

Quotes

“Our government’s economic plan is focused on building an economy that works for everyone—especially younger Canadians, who are finding that hard work isn’t paying off like it did for generations before them. We know that the growing clean tech sector not only creates good-paying jobs, but creates jobs that will be secure and in-demand for generations. The innovations of clean tech entrepreneurs will accelerate Canada’s progress towards net-zero by 2050, and today’s investment will enable them to bring their game changing innovations to market.”

- The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

“The global shift towards renewable, clean energy demands that our financial investments align with this transformation. I welcome and celebrate the $50 million investment by the Canada Growth Fund in Montréal-based Idealist Capital. This vital support not only fosters innovation but also accelerates the path towards lowering pollution, bolstering our economy as we progress towards a cleaner, more sustainable Canada.”

- The Honourable Steven Guilbeault, Minister of Environment and Climate Change

Quick facts

  • The Canada Growth Fund is a $15 billion arm’s length public investment vehicle launched by the federal government to attract private capital and invest in Canadian projects and businesses, which is led by Canada’s world-leading public sector pension professionals.

  • The Canada Growth Fund investments in clean energy and clean technology are already building Canada’s clean economy and creating good-paying jobs across the country. Previously announced Growth Fund investments:

  • The 2023 Fall Economic Statement announced that the Canada Growth Fund will be the principal federal entity to issue carbon contracts for difference, including allocating, on a priority basis, up to $7 billion of its current $15 billion in capital to issue all forms of contracts for difference and offtake agreements.

    • Industrial carbon pricing is Canada’s cornerstone climate policy. By directing the Canada Growth Fund to use carbon contracts for difference as a tool to accelerate investment in decarbonization and clean growth technologies, the government is providing the carbon price certainty needed for industry to reduce emissions on a cost-effective basis.

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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