Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, welcomed the announcement of the third investment by the Canada Growth Fund-a $50 million investment in Montréal-based Idealist Capital. This will help innovative clean tech businesses across Canada to scale-up their ideas into solutions that will create good jobs, grow the economy, and accelerate Canada and the world's progress towards net-zero.
Since the federal government launched the $15 billion Canada Growth Fund last year, including today's investment, $1.34 billion of its capital has been committed to a world-leading geothermal energy technology company, the world's first of its kind carbon contract for difference, and now, to clean tech entrepreneurs and innovators through a leading Canadian-based climate fund. Today's investment will help build a world-leading clean tech ecosystem in Canada by ensuring entrepreneurs have the capital needed to grow. These three investments are providing clean innovators with the support they need to create jobs and scale-up their businesses, reinforcing Canada's position at the forefront of the world's race to net-zero.
The Canada Growth Fund's $50 million investment in Idealist Capital will boost the Idealist Climate Impact Fund's ability to help businesses commercialize technologies, products, and services that will accelerate the clean energy transition. This will enable entrepreneurs to grow made-in-Canada innovations, build a more resilient ecosystem of growth-stage clean tech investors, and create more good-paying jobs as businesses scale-up.
Idealist Capital is an experienced team of investors with a track record of supporting the growth of clean tech businesses in Canada, which focuses on decarbonizing energy, electrifying transportation, and decarbonizing industry, and promotion of a circular economy. Idealist Capital's recent investments are enabling clean tech companies in Montréal to expand the size of HVAC production facilities; bring to market bidirectional home and EV energy stations that lower energy costs and promote grid stability; and develop the next generation of ultra-wideband semiconductors. With today's investment from the Canada Growth Fund, Idealist Capital will be able to further support Canadian clean tech innovators in scaling-up their businesses, create more jobs, and attract further private investment to Canada.
In the upcoming budget, the government will announce further action to grow the economy and create good-paying jobs today and for the next generation. Through initiatives like Canada Growth Fund, the government is empowering entrepreneurs and innovators to turn their ideas into success stories, helping to unlock a brighter, more prosperous future.
