Foresight and BDC Capital Provide Financing to Help Change Environmental Landscape
Two Canadian Cleantech Startups Gain Funding for Transformative Clean Technologies
Vancouver, BC “ March 10, 2015 “ Foresight Clean Technology Accelerator is pleased to announce that it is the first clean technology accelerator in Canada to partner with BDC Capital (BDC), through its convertible note program, which supports promising Canadian startup cleantech companies.
œOur first two financings, in December 2014, under this BDC Capital program bear witness to cleantech innovation in Western Canada, said Neil Huff, Managing Director of the Foresight Cleantech Accelerator Centre. œOur first award recipients have not only met BDC and Foresight’s strict investment criteria, but they have identified promising clean energy technologies that have commercial potential and can offer a positive impact to their respective industries and Canada’s environment.
BDC convertible notes, offered to select early-stage companies, provide pre-series ˜A’ financing of $250,000 that can be converted into shares later in the company’s life. To qualify, each company requires a co-investment from angel and/or institutional investors for a minimum total financing of $500,000.
The first recipient, Dark Vision, has developed a downhole imaging technology that can reduce cost and minimize the environmental impact of resource development. By enabling improved visualization through wellbore fluids “ including bitumen, drilling mud and frack fluids “ operators can increase production and reduce total cost of energy. Initial deployments are targeted in 2016.
Foresight’s second recipient, Pyrowave, has developed modular units that incorporate a proprietary pyrolysis technology for use by plastic recyclers and plastic waste producers. Through a net positive energy process, these units reduce waste and the impact of incineration while expanding the range of recyclable materials.
œAs part of our sector diversification effort, we are pleased to work with a strong team at Foresight and provide seed funding for two Canadian companies who have demonstrated entrepreneurial leadership in Energy and Cleantech, said Dominique BÃ©langer, Vice-President – Strategic Investments & Partnerships at BDC Capital. By accessing the combined resources of BDC and Foresight, we are confident these companies will create shared value and sustainable economic growth for all shareholders.
About Foresight Clean Technology Accelerator Centre
Foresight Clean Technology Accelerator Centre is a Vancouver, Canada based not-for-profit devoted to assisting early-stage cleantech innovators with the guidance, training, and funding to accelerate their growth and product commercialization activities. To achieve its mandate, Foresight collaborates with the BC provincial government, BDC, the BC Innovation Council (BCIC), universities, and the private sector. To date over 25 startups in Western Canada have benefited from Foresight’s experience, and together have raised more than $3,500,000 in early-stage capital.
About BDC Capital
A subsidiary of BDC, BDC Capital offers a full spectrum of specialized financing and investment solutions to help Canadian entrepreneurs achieve their full growth potential. With more than $1 billion under management, BDC Capital takes a strategic, patient approach to nurture companies’ development over the long term.