The end of the year is quickly approaching, and many of our wonderful alumni and network companies are ending 2023 with a bang.
The current economic landscape is uncertain, which is causing difficulty for many companies seeking funding. Regardless of that uncertainty, consumer demand is increasingly shifting toward green and sustainable practices. Given these trends we are hopeful that policy and investment access will follow suit, creating a supportive and fertile environment in Canada in which we can build successful, globally competitive cleantech ventures.
Despite the economic challenges of the past year, our alumni companies continue to inspire us with their achievements. Closing multi-million dollar funding rounds and winning awards and recognition for their contributions in the fight against climate change—our network of passionate climate advocates are working hard to advance solutions.
Here are a few of the highlights:
Funding
VoltSafe Inc. announced it has secured a $550,000 contract from the Federal Government of Canada to utilize its patented technology to develop a prongless 125VAC/15A electrical connector.
Foresight 50 honouree Solfium announced the closing of its USD $3 million Seed financing round at the Bolsa Institutional de Valores (BIVA), Mexico's second-largest stock exchange.
Crush Dynamics secured a $2 million investment from the Canadian Food Innovation Network to develop and test a novel ingredient, created through upcycling, that will enhance food quality and drastically reduce sugar and sodium content in food products.
Foresight 50 honouree Ionomr Innovations closed a $20 million Series A investment round to scale their ion-exchange membranes and polymers, advancing hydrogen applications, from production to efficient utilization in fuel cells.
Partnerships and Projects
Reusables announced its partnership with Compass Group Canada and is rolling out its new Tap to Reuse and Smart Return Bin technology at Simon Fraser University.
Reusables co-founders Jason Hawkins and Anastasia Kiku have also been named to Forbes’ 2023 Top 30 Under 30 list in the Social Impact category.
Awards and Recognition
The BC Center for Innovation and Clean Energy recently handed out the 2023 Changemaker awards to BC-based clean energy companies that are recognized for their commitment to advancing future pathways to net zero. Recipients included Foresight alumni
waterNEXT company Rain Grid won the World Economic Forum’s UpLink Global Freshwater Innovation Challenge which came with a $250k CAD prize, and used the investment to launch the Global Circular Rain Challenge.
Innovate BC has announced the awardees in its BC Fast Pilot program, which helps regional small-medium sized enterprises (SMEs) design, build, and operate a pilot plant or small demonstration of their technology in real-world conditions. Awardees include Foresight alumni
Recap
To date, our network of 1,100+ Foresight-supported ventures have raised $1.6+ billion in capital, generated $474+ million in revenue, and created 8,000+ high-paying jobs. We are inspired by the contributions our alumni companies are making to Canada’s transition to a net zero economy, and we are so excited to see what comes next for these innovators.
Stay tuned for more stories about how our alumni are leaving their mark on the Canadian cleantech ecosystem. To submit your story, reach out to newsletter@foresightcac.com.
