The Canada Growth Fund (CGF) is a funding program designed to help Canadian businesses secure private capital to accelerate the deployment of technologies needed to reduce carbon emissions and grow the Canadian economy. To build a clean economy and create jobs, this federal program uses the leadership of Canada’s top investment professionals to invests in Canadian businesses.
This program was announced in the 2022 Canadian Federal budget report; however, the first investment was not made until recently. On October 25, 2023, the Deputy Prime Minister of Minister of Finance, Chrystia Freeland, announced the first investment awarded through the $15 billion federal funding program.
“We created the Canada Growth Fund to build Canada’s clean economy and create great careers for Canadians from coast to coast to coast.”
The Honorable Chrystia Freeland, Deputy Prime Minister and Minister of Finance.
$90 Million To Eavor Technologies Inc.
Calgary’s Eavor Technologies Inc. developed Eavor-LoopTM, the world’s first scalable technology for closed-loop geothermal power and heat generation. Using this technology, steady and dependable heat and electricity can be produced without releasing any carbon emission into the atmosphere. This new development from Eavor Technologies Inc. is ground-breaking and introduces the potential to reduce emissions in Canada and across the world.
A $90 Million investment is now funding this project through the Canada Growth Fund (CGF). In addition to scaling up production of Eavor’s emission-reducing technology, this project is also expected to create more jobs for Albertans.
“Today’s investment in Eavor—the Growth Fund’s first—will help to do exactly that, and it is an example of how our clean economy jobs plan is and will continue to deliver for people in Alberta and right across the country.”
The Honorable Chrystia Freeland, Deputy Prime Minister and Minister of Finance.
More About the Canada Growth Fund
This $15 billion investment vehicle supports three types of projects:
- Projects that reduce emissions across Canada through less mature technologies and processes;
- Projects aimed at scaling technology and commercializing less mature technologies; and
- Projects developed by climate-friendly companies, including low-carbon natural resource development initiatives.
To be eligible for this fund, applicants must have a Canadian presence,; own the intellectual property, and create projects that align with the principles of the Canada Growth Fund.
With the first investment rolling out, we can expect to see more activity from the Canada Growth Fund as we enter the new year.
Access More Clean Technology Grants
At Mentor Works, A Ryan Company we work with businesses to support funding discovery, grant application writing, and future funding recommendations. Cleantech can be a challenging environment for businesses as ground-breaking research requires significant financial support and guidance. Our cleantech funding directory contains a list of funding opportunities that may be of interest to your company if you are in the cleantech industry.
To stay up to date on the latest Canada Growth Fund news, subscribe to our newsletter where we send out a curated list of funding updates every Monday. For further assistance with grants, contact us directly and determine your funding eligibility.