November 29, 2021 - Toronto, Ontario
Canada's cleantech entrepreneurs are proving their power to take on today's environmental challenges. Working in partnership with innovative companies, the Government of Canada is supporting the growth of a greener economy.
Today, the Honourable Francois-Philippe Champagne, Minister of Innovation, Science and Industry, and the Honourable Carolyn Bennett, Minister of Mental Health and Addictions and Associate Minister of Health, announced an investment of $1.2 million in Toronto-based Validere Technologies through Sustainable Development Technology Canada (SDTC). This is the first SDTC investment in Validere Technologies and part of a partnership that will help the company commercialize a data-driven platform that provides supply chain efficiencies for the oil and gas industry to reduce overall emissions.
Validere aims to transform the energy supply chain to be commercially and environmentally efficient while helping Canada navigate the transition to sustainable energy. Its AI-powered platform helps oil and gas companies better manage their core operations, boost energy efficiency and minimize their carbon footprint.
Validere will use the SDTC investment to advance its environmental commodities initiative, with the goal of creating a preferred market for lower emissions natural gas.
The Government of Canada is committed to investing in clean technology that lays the foundation for a stronger, greener and more sustainable economy that creates opportunities for all Canadians. Today's investment will help grow our economy and support Canada's ability to meet its 2030 climate commitments and reach net-zero greenhouse gas emissions by 2050.
Quotes
"Now is the time for ambitious climate action. Cleantech innovation, entrepreneurship and commercialization are key to the vital shift to a healthier environment and a net-zero carbon economy. Today's announcement will boost our leadership in climate and waste reduction technologies and help foster a truly Canadian success story."
- The Honourable Francois-Philippe Champagne, Minister of Innovation, Science and Industry
"It will take investments in a cleaner, greener future to create good jobs, drive economic growth and help achieve our net-zero targets. This investment in cleantech innovation will help Validere Technologies lower the overall emissions of the oil and gas industry and support Canada's ability to meet its 2030 climate commitments and achieve net-zero by 2050."
- The Honourable Carolyn Bennett, Minister of Mental Health and Addictions, Associate Minister of Health and Member of Parliament for Toronto-St-Paul's
"Canadian entrepreneurs are driving the innovation that is moving us towards a more sustainable and prosperous future. This investment will enable Validere Technologies to rapidly accelerate and commercialize its ideas and continues the momentum of public and private commitments to reducing global emissions."
- Leah Lawrence, President and CEO, Sustainable Development Technology Canada
"Accurate data is critical to understanding the energy trade-offs globally that are involved in minimizing emissions while providing reliable energy for every aspect of life. This funding allows Validere to accelerate its ESG Hub, which acts as the data layer for environmental commodity markets. We are very proud to partner with SDTC in the mission to reduce emissions in collaboration with Canadian energy."
- Mark Le Dain, SVP, Strategy and Corporate Development, Validere Technologies
Quick facts
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Clean technology companies currently employ more than 211,000 Canadians in rewarding, well-paying jobs.
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SDTC is an independent federal foundation that funds companies with the potential to become world leaders in environmental technologies and help solve some of the planet's most pressing environmental challenges, such as climate change and polluted air, water and soil.
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SDTC is Canada's largest funder of clean technology entrepreneurs, and its support makes a significant difference in today's hyper-competitive global market.
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Since 2001, SDTC has invested more than $1.38 billion in 460 companies that have generated $2.8 billion in annual revenues, created 16,930 jobs, brought 177 new technologies to market and reduced greenhouse gas emissions by 22.4 megatonnes of CO2 annually, which is equivalent to taking almost 7 million cars off the road every year.
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The world is taking notice of Canada's leadership in clean technology: 11 Canadian companies, 9 of which have been funded by SDTC, placed on the 2021 Global Cleantech 100 list.
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In December 2020, the Government of Canada announced A Healthy Environment and a Healthy Economy, Canada's strengthened climate plan, which has increased support for SDTC with an additional $750 million over five years, representing the single largest Government of Canada investment in SDTC since its inception in 2001.
