The company, which has developed a proprietary lithium extraction technology it says uses less water and chemicals and produces fewer emissions than traditional extraction methods, currently operates a multi-client pilot project in Chile and is working toward commercialization.
While BDC did not disclose the exact amount it invested itself , it confirmed its investment was the largest yet from its $400-million Climate Tech Fund II.Calgary company Summit Nanotech redesigns lithium extraction using nanotechnology 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.
It follows up where BDC’s first $600-million climate tech fund, which was launched in 2018 and is now fully committed, left off by seeking investments in technologies that will help Canada reach its goal of achieving net-zero greenhouse gas emissions by 2030.Those technologies include things like lithium — a key component in the manufacturing of electric vehicle batteries — as well as other promising technologies such as hydrogen, carbon capture and storage, low-carbon concrete and more.
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.BDC’s Climate Tech Fund was meant to help bridge that gap by supporting the longer development timeframes and larger capital needs typical of many climate tech ventures, she said.
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