MONTREAL, Nov. 23 /CNW Telbec/ - Cycle Capital Management, manager of the
Fonds d'investissement en développement durable (FIDD) - which will, in the
future, be called Cycle Capital Fund I, L.P. -, and its partners welcome the
decision made by the Government of Quebec to include a specific sustainable
development component in its Action Plan to support the Québec manufacturing
sector. They would like to thank the Premier of Quebec, Mr. Jean Charest, the
Minister of Finance, Ms. Monique Jerome-Forget, the Minister of Economic
Development, Innovation and Export Trade, Mr. Raymond Bachand, as well as
Ms. Line Beauchamp, the Minister for Sustainable Development, the Environment
and Parks for entrusting them with a $25M investment in partnership with other
Quebec industrial and financial institutional investors to address this
important aspect of the Action Plan.
Ms. Andree Lise Methot, founder and senior partner of Cycle Capital
Management, is delighted that the Government of Quebec is taking an active
role in this new Low Carbon Economy.
In 2006, the cleantech sector was the third most important sector for
venture capital globally after the information and health technology sectors,
and ahead of the telecommunication and medical equipment sectors.
Investments made by North American and European venture capital funds in
cleantech have increased from US$350M in 2000 to US$3.6B in 2006, and are
expected to rise to over US$19B by 2010, creating more than 500,000 jobs.
As of September 30, 2007, Cycle's fund had committed $12.7M to support
seven companies operating in the cleantech and renewable energy sectors
(energy efficiency, solar/wind energies, biofuels). These investments, as well
as the expected financial performance and the number of quality jobs created,
will allow the development of technologies to increase the production,
efficiency and economic performance of businesses, while cutting down on
greenhouse gas emissions, raw materials use, energy consumption and the
production of pollution and waste.
In support of the 2006-2012 Action Plan on Climate Change
Recognizing that the Government's involvement was a concrete step
consistent with its 2006-2012 Action Plan on Climate Change, Mr. Steven
Guilbeault, member of Cycle Capital's Sustainable Development Expert
Committee, welcomed it as a key measure to help us reach its Kyoto Protocol
related commitments. The announcement was particularly timely in light of the
upcoming United Nations Framework Convention on Climate Change session in Bali
in less than two weeks.
"Life Cycle Thinking"
Cycle Capital's investment approach based on "Life Cycle Thinking" has
been recognized by the Life Cycle Initiative of the United Nations Environment
Programme (UNEP) as an innovative and relevant approach for a sustainable
development investment fund.
In December 2005, Mr. Klaus Toepfer, Chief Executive Officer of the
United Nations Environment Programme (UNEP) stated that "The Life Cycle
approach adopted by FIDD facilitates improvements in the design and production
of products and technologies while optimizing the use of natural resources and
the reduction of environmental impacts, notably those related to Green House
Gas emissions. By doing so, FIDD is a concrete example of the actions promoted
and supported by UNEP. "
Cycle Capital Management and its founding partners, the Fonds de
solidarité FTQ, Fondaction, le fonds de développement de la Confédération des
syndicats nationaux pour la coopération et l'emploi, and the Fonds québécois
pour le développement durable (FAQDD) are happy to commit to the Government of
Quebec that they will work to help Quebec's manufacturing businesses adopt
innovative and sustainable methods of production in order to participate in
this new economy.
About Cycle Capital Management
Cycle Capital Management manages the Fonds d'investissement en
développement durable (FIDD), s.e.c., with the mission to finance and develop
businesses contributing to sustainable development. It favors solutions that
reduce greenhouse gas emissions by investing in both clean technologies and
renewable energy sectors.
For further information:
For further information: Andrée-Lise Méthot, (514) 495-1022, ext. 202