The Government of Québec recognizes the need to invest in innovative cleantech startups
MONTRÉAL, March 18, 2016 /CNW Telbec/ - Ecofuel welcomes the future creation of a seed-stage cleantech investment fund, following the presentation of the Government of Québec 2016-2017 budget. The Government of Québec will indicates its intention to join private-sector investors by contributing up to $30 million to the new fund. The contributions of these private-sector partners and the government could reach up to $45 million dedicated to cleantech seed-stage startups.
Ecofuel, né sous l'impulsion de Cycle Capital Management, entend collaborer avec ce nouveau fonds et jouer un rôle de premier plan pour augmenter son volet investissement, en plus de ses actions d'accélération déjà en place depuis maintenant près de deux ans.
An initiative of Cycle Capital Management, Ecofuel intends to collaborate for the creation of this new fund and play a major role to bonify its financing solution and continue using its acceleration program that has been in place for nearly two years. This will allow the new fund to use Ecofuel's leadership in the development of innovative cleantech companies. The organizations's unique business model offers tailored, specialized mentoring and support, as well as a financing solution for seed-stage startups.
Also, this new seed-stage fund completes the sector's financing chain in Québec. It is also a solution to a recommendation by Écotech Québec which, based on its analysis of the Québec cleantech funding chain released on March 10, called for the creation of a seed fund to develop startups. Ecofuel, already positioned at the seed stage with its accelerator and its financing solution, will become a natural ally of this new fund and contribute together to the development of a green economy in Québec by supporting companies that are helping to improve our environment and fight climate change.
As a major cleantech innovation actor in Québec, Ecofuel also applause a Government measure significantly diminishing the fiscal burden of innovative corporations and encouraging manufacturing companies in commercializing products using patented technologies developed in Québec. Ecofuel also welcomes the government's efforts to support research in cleantech, help for innovative companies in soil rehabilitation and support research on carbon capture, all with the objective to stimulate the development, implementation and use of different cleantechs,
"It's a big step for the entire cleantech sector. With this support from the Government of Québec, it is now possible to consolidate the financing chain for cleantech startups. This new seed-stage fund strengthens what was the weak link of the financing chain until today and Ecofuel intends to contribute significantly to it."
- Richard Cloutier, President and CEO, Ecofuel Accelerator
"Since we first imagined it, we have always believed in the important role the Ecofuel Accelerator could play in Québec's cleantech ecosystem. The results we have already obtained with the accelerated entrepreneurs show that there was a real need. I'm conviced Ecofuel will be a great ally for this new cleantech seed-stage fund."
- Andrée-Lise Méthot, Founder and Managing Partner, Cycle Capital Management, and Chair of the Board, Ecofuel Accelerator
Ecofuel is an accelerator for startups that works with entrepreneurs in clean technology to help build globally competitive companies. In addition to seed financing of up to $75,000, Ecofuel offers its entrepreneurs an intensive program of training workshops, networking sessions, and an experienced mentor ecosystem. The objective of the program is to develop entrepreneurs and help in the successful creation of companies.
In addition to financial and logistical support from Cycle Capital, Ecofuel is also grateful for the support and collaboration from Écotech Quebec, Innovacorp and Sustainable Development Technology Canada (SDTC).
SOURCE Accélérateur Ecofuel
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