The expression of interest will identify fund managers to partner with alongside other institutional investors such as corporations, banks and pension funds.
Ontario is investing $55 million to establish the Cleantech Equity Fund to attract private investments in exchange for equity in clean tech firms. The fund is designed to respond to the challenges faced in raising capital by innovative, high-potential clean tech companies. It will help clean tech firms get the capital they need to grow their business and create jobs in Ontario.
"We need to strengthen Ontario's innovation ecosystem to help more high-growth companies access the risk capital they need to remain competitive in today's global economy. This is why our government is supporting the development of new venture capital funds that will invest in clean tech companies, help create good jobs, and keep our environment clean and healthy for all Ontarians."
— Reza Moridi, Minister of Research, Innovation and Science
"Capital financing, including venture capital, is critical for innovative start-up, early-stage and expanding companies. OCGC is delighted to be playing a part in Ontario's important clean tech sector."
— Annie Ropar, Board Member, Ontario Capital Growth Corporation
About the Ontario Capital Growth Corporation (OCGC):
OCGC is a Board-governed provincial agency that manages the interest of the Government of Ontario in the $205 million Ontario Venture Capital Fund and the $300 million Northleaf Venture Catalyst Fund. OCGC also manages and operates the Ontario Emerging Technologies Fund. For more information: www.ontario.ca/ocgc.
SOURCE Ontario Capital Growth Corporation