BDC Venture Capital is a major venture capital investor in Canada, active at every stage of the company's development cycle, from seed through expansion, with a focus on technology-based businesses that have high growth potential and that are positioned to become dominant players in their markets. The company helps create and develop strong Canadian businesses through financing, consulting services and securitization, with a focus on small and medium-sized enterprises. BDC Venture Capital has been involved in venture capital since 1975 and has to date invested in more than 400 companies involved in the areas of Life Sciences, Telecommunications, Information Technology and Advanced Technologies.

BDC Venture Capital

Innovacorp is an early-stage venture capital firm that helps knowledge-based startups commercialize their technologies in the global marketplace. It invests in early stage Nova Scotia entrepreneurs, combining venture capital with business mentoring and incubation facilities. Innovacorp was established in 1995 and based in Halifax, Canada.

Innovacorp

Radicle Impact is an investment fund that partners with exceptional people to build businesses where financial success creates meaningful social change.

Radicle Impact

The Shaw Group provides services such as engineering, construction, maintenance and technology for clients in various industries.

Shaw Group

350 Capital invests in companies with high growth potential that are meeting the demands of the green buildings and sustainable communities of tomorrow - today.  Our founders are pioneers in green buildings, and our award winning investments are helping to transform the built environment.

350 Capital

Pangaea Ventures invests in companies solving fundamental problems in the world such as climate change, food/water insecurity and poor health outcomes. It looks for companies with hard tech solutions. It is an impact investor and a hard tech investor.

Pangaea Ventures

Power Generations Inc. is powering a greener generation through strategic partnerships and alliances with Entrepreneurs, Inventors, Investors, and Researchers. Our focus is on investing in the development of disruptive Cleantech companies with the potential for exponential growth, strong ROI, and IP that have a positive impact on the earth’s environment, create green jobs, and improve sustainability.

Power Generations, Inc.

CarbonCure Technologies

CarbonCure Technologies creates, develops, and licenses solutions that consume waste CO2 to make better concrete. It spurs the market shift towards affordable green concrete, by enabling concrete manufacturers to convert waste CO2 into solid minerals, locked away as a solid within concrete during manufacturing. It is a green building technology company currently serving concrete product manufacturers in the US and Canada. It offers concrete producers the ability to manufacture green concrete products without compromising on either quality or price. CarbonCure is a retrofit innovation that repurposes CO2 gas from large final emitters as a feedstock in concrete plants. The gas is permanently converted into embedded solid mineral carbonates that yield material, environmental, and production advantages. By enabling concrete manufacturers to consume CO2 into concrete products during manufacturing, the technology differentiates an otherwise traditional commodity concrete product, while achieving superior material performance characteristics. In addition to technology, CarbonCure provides demand-pull marketing and environmental reporting/certification services to reinforce its customers’ exclusive competitive positioning. The technology is licensed at a very low-CAPEX to concrete producers, generating a recurring revenue stream. CarbonCure Technologies was founded in 2007 and is headquartered in Halifax, Nova Scotia.

Canada-based CarbonCure Technologies uses captured carbon dioxide (CO2) to produce green concrete products. The company’s innovative technology injects captured CO2 into the concrete mix; the reaction forms a nano-sized mineral (calcium carbonate) that makes the concrete stronger.

Clear the air on carbon capture, reuse, and storage

Carbon Capture, Utilization & Storage (CCUS)

Canada-based CarbonCure Technologies uses captured carbon dioxide (CO2) to produce green concrete products. The company’s innovative technology injects captured CO2 into the concrete mix; the reaction forms a nano-sized mineral (calcium carbonate) that makes the concrete stronger. By September 2021, CarbonCure was used by nearly 300 concrete producers across construction projects globally. CarbonCure concrete was also deployed at several high-profile projects including Amazon’s HQ2 building in Virginia and General Motors’ steel plant in Tennessee. In August 2019, CarbonCure entered into a strategic partnership with Linde (a global industrial gas and chemicals company) to expand its geographical reach in 25 countries across Europe, Southeast Asia, and Oceania. In October 2022, CarbonCure entered into a five-year agreement with <a href="https://sp-edge.com/updates/14059">BMO Financial Group </a>, a Canadian financial service provider, to supply carbon credits. CarbonCure has several high-profile investors including Amazon, Breakthrough Energy Ventures, Microsoft, Shopify, Mitsubishi Corporation, and Carbon Direct. In February 2023, the company partnered with <a href="https://www.carbon-direct.com/insights/direct-air-capture-to-concrete-2-2">Heirloom </a>, a DAC company, to build carbon-removing concrete.CarbonCure’s most recent funding was in July 2023, when it raised <a href="https://sp-edge.com/updates/20018">USD 80 million </a>in a venture funding round led by Blue Earth Capital. The proceeds were utilized to scale up the company’s product roadmap and geographical footprint by further expanding its reach to more territories.

<div>
 
 Prometheus Fuels (Prometheus) is an air-to-fuel (A2F) startup that leverages direct air capture (DAC) to produce carbon-neutral fuel from ambient air. The company states that its technology can produce gasoline at price points that are competitive with fossil fuels.&nbsp;
 
 
 
 
 In June 2019, Prometheus partnered with Boom Supersonic (a company building the world&rsquo;s fastest supersonic airliner) to supply carbon-neutral fuel for the flight test program of one of its demonstrator aircraft scheduled for 2021. In July 2021, the company entered into a purchase agreement with American Airlines to supply 10 million gallons of carbon-neutral jet fuel. The company also announced plans to launch carbon-neutral gasoline by 2022.
 
 
 
 
 Prometheus follows a next-generation electro chemical-based approach to convert carbon dioxide (CO2) into carbon-neutral fuel using renewable energy and carbon nanotubes. Industrial fans suck ambient air and blow it across a waterfall that absorbs CO2 and additional water. The electricity &ldquo;charges&rdquo; and &ldquo;energizes&rdquo; captured carbon with hydrogen molecules from water to create long-chain alcohols. Alcohols are then harvested using a special type of membrane called the Maxwell Core. Its pores are carbon nanotubes, which allow alcohol through while rejecting water. A final catalyst step combines the alcohols and recovers water. The company claims that it is the only one in the world that can separate alcohol from water economically. This step can be customized to produce gasoline, diesel, or jet fuel.&nbsp;&nbsp;
 
 
 
 
 The company was one of two selected for investment by Y Combinator in March 2019, after requesting proposals that address carbon removal. In September 2021, Prometheus raised an undisclosed amount in a Series B funding round led by Maersk, Metaplanet, and BMW i Ventures. Previously, in June 2020, BMW i Ventures invested USD 12.5 million in Prometheus.
 
</div>

Prometheus Fuels

<div>
 
 UK-based Storegga Geotechnologies (Storegga) provides carbon capture and storage (CCS) solutions for energy-intensive sectors such as petrochemicals, agriculture, and airlines. In July 2020, Storegga acquired Pale Blue Dot Energy (PBDE), through which the company became the lead developer of the Acorn CCS Project (the UK&rsquo;s first large-scale carbon capture project). In August 2022, Storegga launched a new entity 
 <a href="https://sp-edge.com/updates/11990">
 &ldquo;Storegga Americas&rdquo;
 </a>
 to explore clean fuel opportunities and to scale up its operations across the US, Canada, Latin America, and the Caribbean.
 
 
 
 
 Key customers and partnerships&nbsp;
 
 
 
 
 In June 2021, Storegga partnered with Carbon Engineering, a Canadian direct air capture (DAC) startup, to initiate engineering and designing a new facility in North East Scotland, which could remove between 500,000 and one million metric tons of CO2 from the atmosphere annually. The project was backed by a UK government grant of GBP 249,000 received in May 2021. In July 2021, Acorn CCS signed a memorandum of understanding (MoU) with SEGAL and FUKA gas terminals to capture carbon dioxide (CO2) from its operations. The two gas terminals will become the first customers for Acorn CCS. In August 2021, Storegga signed an MoU with Virgin Atlantic to secure the airline as an early customer.&nbsp;
 
 
 
 
 In March 2022, Storegga 
 <a href="https://sp-edge.com/updates/9378">
 partnered
 </a>
 with Mitsui to commercialize its proprietary DAC technology. In June 2022, the company signed an MoU with 
 <a href="https://sp-edge.com/updates/11230">
 Aker Carbon Capture
 </a>
 to deploy CCS projects in the UK. Other partners include Sval Energi, Talos Energy, Freeport LNG and 
 <a href="https://sp-edge.com/updates/10230">
 ScottishPower
 </a>
 . In August 2023, Storegga together with Sval Energi, a Norwegian energy provider, and Neptune Energy, a UK-based oil and gas explorer, 
 <a href="https://sp-edge.com/updates/21191">
 secured
 </a>
 their 
 <a href="https://sp-edge.com/updates/16698">
 previously applied
 </a>
 CO2 storage license to develop the Trudvang CCS project in the Norwegian North Sea.
 
 
 
 
 Funding and financials
 
 
 
 
 Storegga&rsquo;s 
 <a href="https://sp-edge.com/updates/10468">
 most recent
 </a>
 funding round was in May 2022, when it raised GBP 51.3 million (USD 63.9 million) in its third funding round, led by Snam. In March 2021, Storegga raised an undisclosed amount from a funding round led by GIC, Mitsui &amp; Co, and Macquarie Group to deploy a DAC facility in the UK.&nbsp;
 
 
 
</div>

Storegga Geotechnologies

<div>
 
 Carbfix is an Icelandic carbon sequestration company that stores captured carbon dioxide (CO2) permanently underground. During the pilot phase of Carbfix, findings revealed that over 95% of the injected carbon dioxide mineralized within two years, in contrast to the previous understanding that it would take several hundred or thousands of years. Carbfix began as an academic-industrial research project in 2007 and was established as a subsidiary of Reykjavik Energy (OR), an Icelandic geothermal company, in 2019. Carbfix was spun out of OR in January 2020.
 
 As the technology requires vast amounts of water to dissolve carbon dioxide, in June 2021, Carbfix&rsquo;s technology was validated to be used with seawater&mdash;applicable in regions where fresh water is scarce. The use of seawater with Carbfix&rsquo;s technology is experimental, with a field pilot project scheduled in Iceland for 2022.
 
 
 Key customers and partnerships
 
 
 In August 2020, Climeworks, a Swiss company specializing in direct air capture (DAC) technology, along with ON Power, a Swiss geothermal energy provider, signed an agreement with Carbfix to scale up CO2 removal and storage. From September 2021, the new facility, located in Iceland, is expected to remove 4,000 tons of CO2 from the atmosphere per year. In 2017, Climeworks and Carbfix also partnered to operate a small-scale DAC and storage facility of 900 metric tons per year, also in Iceland. 
 
 
 In July 2021, Aker Carbon Capture, a Norwegian carbon capture company, signed a memorandum of understanding (MoU) with Carbfix to collaborate on cost-efficient carbon capture and storage solutions. Elkem, a Norwegian environmentally responsible manufacturer of materials, has also partnered with Carbfix to reduce emissions of its alloys plant in Grundartangi, Iceland. In 
 <a href="https://sp-edge.com/updates/21086">
 August 2023
 </a>
 , the company partnered with the University of Edinburgh (UoE) and the Scottish Universities Environmental Research Centre to evaluate CO2 mineralization in Iceland.
 
 
 Funding and financials
 
 
 In July 2022, Carbfix was awarded a grant of ISK 16 billion (USD 117 million) from the EU Innovation Fund for the deployment of its Code Terminal project (a CO2 transport and storage hub) to capture 3,000,000 tons of CO2 per annum by 2031.
 
</div>

Carbfix

<div>
 
 Global Thermostat specializes in direct air capture (DAC). As of August 2019, Global Thermostat estimates its cost of capture (does not disclose whether the cost is gross or net) is around USD 100 per ton of carbon dioxide and expects this can be reduced further to USD 50 per ton.
 
 
 
 
 As of August 2021, Global Thermostat had two pilot facilities in California and Alabama, each with the capacity to remove 3,000&ndash;4,000 metric tons of carbon dioxide per year. Since 2019, Global Thermostat has been in a partnership with ExxonMobil to scale commercially.&nbsp;
 
 
 
 
 In April 2023, Global Thermostat unveiled one of the world&rsquo;s largest DAC units that permanently captures CO2 from the atmosphere. The unit had been under trial since the end of 2022, capturing 1,000 tons of CO2 per annum at the company&rsquo;s US headquarters in Commerce City, Colorado. The DAC unit launched was a commercial-scale demonstration, with the company taking on pre-orders for DAC systems.&nbsp;
 
 
 
 
 Most recently in May 2023, the company received an undisclosed investment from Sumitomo Corporation, via its US-based venture arm Presidio Ventures. The two companies had also signed a letter of intent (LoI) to identify and develop CCS projects globally.&nbsp;
 
 
 
</div>

Global Thermostat

<div>
 
 Remora’s devices capture carbon emissions directly from truck tailpipes. They can be fitted onto tailpipes of existing trucks to capture carbon dioxide (CO2) for 600–1,200 miles before an offload. Remora’s solution was initially funded by the Environmental Protection Agency (EPA) and tested at the agency’s National Vehicle and Fuel Emissions Lab. 
 
 
 The company’s technology has a capture efficiency of 80% and can offload the captured CO2 while refueling—to be sold to concrete producers and other end users. The proceeds from the sale of CO2 are expected to be shared across fleet owners and customers once commercialized. The technology is expected to be piloted from October 2021, with some of the large trucking companies.
 
 
 In March 2021, the company raised an undisclosed amount in a funding round led by FullCircle and Y Combinator. 
 
 
 Key competitors: None comparable 
 (Remora is the only startup that captures carbon from truck tailpipes)
 
 
 
</div>

Remora

Recycles captured CO2 emissions to produce sustainable fuels and other products

Solutions that “recycle” captured CO2 to produce commercial products other than sustainable fuel, such as proteins, plastics, building materials, etc.

CarbonCure Technologies

EDGE Insights

Next-gen climate and energy (Q3 2023): Innovation and commercialization intensify as funding recovers

Carbon Neutral Materials

Recent Updates

Deloitte Canada purchases carbon credits from CarbonCure Technologies

Heirloom partners with CarbonCure Technologies to capture CO2 in concrete

CarbonCure Technologies becomes AASHTO-compliant

CarbonCure raises USD 80 million in venture funding

CarbonCure signs up BMO to supply carbon credits

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