The new vehicle will aim to help grow the province’s cutting-edge clean technology companies by investing in ready-to-market businesses across the sector, the firms said.
Within its remit will be energy, water and green innovations, with SAIL being one of the first US venture capital firms to tap into Ontario’s opportunities.
Walter Schindler, managing partner of SAIL Capital Partners, said,”By fostering cleantech innovation and business, Ontario will benefit by being at the forefront of this burgeoning industry and job creation. Ontario is helping to create the next frontier of clean technology, becoming the capital of cleantech in Canada, and SAIL is excited to be a part of this development.”
SAIL first announced its intention to launch the fund at the start of the year having already invested in the sector through deals such as its tie-in with Xtreme Power, which is designing and installing the world’s largest power-storage system linked to a wind farm for Duke Energy.
The move has been welcomed by Chris Bentley, Minister of Energy in Ontario. He said, “SAIL Venture Partners investing in Ontario’s clean energy economy is a clear sign of the economic opportunities that exist in the province. The cleantech sector is a key part of Ontario’s plan to create and support good jobs, replace dirty coal and build a healthier future for generations to come.”
The fund is being launched in partnership with Stifel Nicolaus Canada and SAIL said it was attracted to Ontario because of the significant opportunities in the cleantech sector and the record of fostering innovation.
Ontario became a leader in Canada’s green efforts over the course of 2011 when a feed-in tariff encouraged investment in renewable energy generation.
These subsidies were cut at the beginning of the year but a spokesperson for the government said that it was still committed to the sector as well as to providing “significant” investment to smart grid infrastructure.
Copyright © 2012 AltAssets