CALGARY, AB (July 26, 2021) NGIF Cleantech Ventures (the Fund) completed its second close of the year earlier this month. The Fund conducted a first close of $35 million in April and in the subsequent 12 weeks raised an additional $15 million. The Fund’s second close adds additional committed capital from ARC Resources Ltd., Tidewater Midstream and Infrastructure Ltd., and Tourmaline Oil Corp., all of which participated in the initial round.
“Canada’s track-record of building global cleantech innovators continues to accelerate,” said John Adams, NGIF Capital Corporation President and CEO and NGIF Cleantech Ventures Managing Partner. “We are thrilled to attract strong strategic investors who are leaders in the natural gas sector and appreciate their confidence as our Fund gains traction in the venture capital ecosystem.”
The Fund was launched in April of this year with $35 million in initial commitments from seven strategic partners representing Canada’s natural gas value chain: ARC Resources Ltd., Canadian Utilities Limited (An ATCO Company), Birchcliff Energy Ltd., FortisBC Energy Inc., TC Energy Corporation, Tidewater Midstream and Infrastructure Ltd., and Tourmaline Oil Corp. It will build on NGIF’s legacy of investing in early-stage startups developing clean technologies that maximize environmental and economic performance, driving innovation for the gas industry of today, and the one of the future.
“Today’s energy sector demands innovative solutions,” noted Adams. “Working closely with our strategic investors, we are looking forward to identifying transformational solutions and building a portfolio of great cleantech companies.”
The Fund invests in cleantech solutions that lead to improved environmental performance in existing natural gas production, transmission, distribution, storage, or end-use applications; or through the production of renewable gases such as renewable natural gas or hydrogen.
“The current venture capital market remains very strong, and our pipeline of high-quality investment opportunities continues to grow,” added Mr. Adams. “In this environment, our team has been moving quickly to implement our investment strategy and assemble the core building block companies of our portfolio.”
“Our fund will leverage the experience and expertise of our strategic gas partners to support our cleantech startups. NGIF Cleantech Ventures remains open to new strategic and institutional investors until it reaches $100 million.”
“Technology has become the catalyst for exponential advancements in the Canadian gas industry. ARC is pleased to support NGIF Cleantech Ventures and their efforts in advancing innovation. Clean technology will play an important role in further reducing Canada’s GHG emissions and providing a competitive advantage for our sector.”
Terry Anderson, President and Chief Executive Officer, ARC Resources Ltd.
“Tidewater is proud to further invest in NGIF Cleantech Ventures, reflecting our commitment to reducing carbon intensity by providing low carbon fuel solutions and being a leader in clean fuel standards. Investments such as this not only help our industry but assist in positioning Canada as a leader in clean energy.”
Joel Macleod, Chairman and Chief Executive Officer, Tidewater Midstream and Infrastructure Ltd.
“Ever cleaner burning natural gas represents a remarkable economic and environmental improvement opportunity for Tourmaline, Canada and the world. Supporting new technologies and innovative solutions through NGIF Cleantech Ventures will help our industry to develop this vital natural resource in an even more responsible and clean manner.”
Mike Rose, President, CEO and Chairman, Tourmaline Oil Corp
“The Canadian Gas Association created NGIF several years ago to pursue advancements in innovation for the entire natural gas industry. It is exciting to see how NGIF has grown and become a catalyst to drive incredible environmental and economic performance, with support from across the sector. The clean technologies supported by NGIF Cleantech Ventures will continue to drive the sector forward, and ensure Canadians continue to have reliable access to clean and affordable energy for their daily needs.”
Timothy M. Egan, President and CEO, Canadian Gas Association and Chair of NGIF Capital Corporation
About NGIF Cleantech Ventures
NGIF Cleantech Ventures is a $50 million industry-led venture capital fund that makes equity investments in early-stage startups. The objective of the Fund is to grow cutting-edge clean technology companies into commercial-scale enterprises. The Fund’s investments include solutions that lead to emissions reductions and other environmental benefits in existing natural gas production, transmission, distribution, storage, and end-use applications, as well as leading to the expanded production of renewable natural gas and hydrogen. NGIF Cleantech Ventures is operated by NGIF Capital Corporation, wholly owned by CGA Enterprises, a venture of the Canadian Gas Association.
About the Canadian Gas Association
The Canadian Gas Association is the voice of Canada’s natural gas delivery industry. Its membership includes natural gas distribution and transmission companies, equipment manufacturers, and suppliers to the industry. Our utility members are active in eight provinces and one territory and meet 35 per cent of Canadians’ energy needs through a network of over 566,000 kilometers of underground infrastructure. This infrastructure can also be used to deliver renewable gases including renewable natural gas and hydrogen, in order to contribute to Canada’s greenhouse gas emission reductions. Today, over 7.2 million customer locations representing approximately two-thirds of Canadians, rely on natural gas for clean, affordable and reliable heating and power. CGA owns CGA Enterprises, which in turn owns NGIF Capital Corporation.
NGIF Capital Corporation
President and CEO, NGIF Capital Corporation
Managing Partner, NGIF Cleantech Ventures