EnerTech, which BDC said was “well on its way” to hitting its $150m target, will invest C$50m in Canadian companies.
The fund will back 12 to 17 early to mid stage companies in software, engineering, advanced materials and smart grid businesses serving the energy sector.
Other firms that have backed the vehicle include alongside Teralys Capital, Alberta Enterprise Corporation, Export Development Canada, GDF Suez, Southern Ute Fund, Newalta and Hatch among others.
BDC said the investment will help develop a strong venture ecosystem in Canada and attract fund management teams to the country.
BDC vice president Neal Hill said, “Thanks to their expertise and connections in the energy industry, EnerTech’s potential to accelerate the growth of Canadian startups looks very promising.
“EnerTech has a successful and committed team with a focused sector approach who will build on their current strategy of backing exceptional founders and management teams in an effort to reinvigorate the Canadian venture capital industry.
“We are delighted to see EnerTech’s continued commitment to Canada as they are an important part of the Canadian venture capital market.”
BDC, which currently has $1bn under management, has recently backed the C$50m Build Ventures fund.
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