Quebec Finance Minister Raymond Bachand said an extra C$25m would be available on a matched basis with industrial investors when he announced the deal during yesterday’s presentation of the province’s budget.
Cycle Capital has invested in a dozen cleantech companies since 2009, including a $2.5m financing of thermal insulation company American Aerogel last June.
Founder and senior partner Andrée-Lise Méthot said, “This investment is a real vote of confidence for Cycle Capital and the cleantech sector.
“It will enable companies to continue their growth and to become leaders in their respective markets.
“It’s a very encouraging sign, as it sends a strong message to our entrepreneurs.”
Méthot said the new fund would be aimed at companies with innovative technology looking to break into the global market.