BDC leads US$50M funding round for Calgary-based lithium company

, along with Vancouver-based Evok Innovations, recently co-led a Series A2 financing round that raised US$50 million in investment capital for Summit Nanotech, a Calgary-based lithium technology company.

The fund, announced in November 2022, aims to address the lack of risk capital for the commercialization and scale-up of Canada's clean-tech and climate-tech industry. Cheri Corbett, senior partner with BDC Capital's Climate Tech Fund, said only five per cent of venture capital investment in Canada in 2021 went into climate-related technology and clean tech. That's compared with 14 per cent of venture capital investment globally.

"We've created a fund that can really dig in, invest in these companies early and really follow through, and not all funds are built that way.'' A report released Tuesday by Deloitte said there are roughly 1,100 clean technology, or clean tech, companies across Canada today. These companies represent approximately 3.1 per cent of GDP, according to Deloitte, and more than 210,000 jobs.

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The Daily Chase: Awaiting Bank of Canada Business Outlook Survey; Clearco CEO steps down - BNN Bloomberg​We're awaiting a fresh read on business and consumer sentiment this morning, with the Bank of Canada's Business Outlook Survey and Survey of Consumer expectations hitting the tape at 10:30 a.m. EST.
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Bank of Canada's business and consumer surveys show signs of weakening economyWith high inflation and rising interest rates, the Bank of Canada says businesses expect sales to slow as consumers pull back on spending. Destruction by design. Greediness plays the biggest part.
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