Climate Tech Canada #12

Hey there,

Welcome to another issue - we’ve got a shorter one this week, featuring ChargeLab’s Series A raise, B.C. ends fossil fuel subsidies, and GoBolt expands its sustainable logistics offering to the U.S. 

On many people’s minds right now is the drop in tech stocks in the public markets, and what this means for climate tech companies and their founders. Is it a correction, or the sign of something deeper? The pros at Climate Tech VC interviewed founders and investors to get their take. A few highlights:

• Climate companies solving real problems are likely to keep getting funded.

• Many industries in climate are capital intensive, and have longer time horizons for returns. Investors may be more risk averse and looking to get capital back into their funds.

• Expect a greater emphasis on financial discipline and focus from investors. 

The good news is it looks like we’re seeing a correction in valuations, and not deeper issues with the foundations. Founders - we’re rooting for you out there!

Finally, thanks to everyone who’s filled out the reader survey so far! If you haven’t, please take a few minutes to fill it out below 👇🏻 - I’ll be eternally grateful!

Funding and growth

ChargeLab (Toronto, ON) secured $19.3M in Series A funding to become the operating system of choice for EV charging and expand its product offering. ChargeLab develops the software used in a range of EV chargers, positioning themselves as the Android of the EV ecosystem. 

CarbiCrete (Montreal, QC) finalized its Series A financing with a total of $23.5M raised. The company went through several closes of its Series A, and has prioritized finding Canadian investors. CarbiCrete produces carbon-negative concrete by replacing cement typically used in concrete production with industrial by-products and cures it with CO2, sequestering carbon in the process.

Growth & Milestones

Toronto-based sustainable logistics company GoBolt is expanding to the US to meet customer demand. GoBolt’s solutions include warehousing, pick & pack, shipping and last-mile delivery, and they aim to be carbon negative by 2023 via offsets and electric delivery vehicles.

Container-sharing platform Reusables.com partnered with IGA to offer alternatives to single-use packaging for prepared foods in IGA’s grocery stores.

Spare announced a new partnership with Lyft after a successful test in Dallas, allowing transit providers to integrate Lyft’s ride-share service into their transportation offering. 

Li-Cycle opened a new recycling facility in Arizona. The facility is unique in that it is able to process whole battery packs without the need to first dismantle them.

Smart building technology developer Kontrol Technologies announced record revenue growth of 702% YoY in Q1.

Solar Offset launched a new carbon credit program in Alberta, allowing small-scale solar producers to generate revenue through carbon credits.

Here & there

Edmonton International Airport is betting on hydrogen through a series of partnerships and investments, expecting hydrogen aircraft by 2025 at the latest.

Electric zambonis: Canadian municipalities are starting to electrify a wide range of vehicles to meet net-zero targets.

The top companies driving revenue and climate action in SDTC’s portfolio.

How proptech is helping buildings become more climate friendly.

Quebec company wants you to say “au revoir” to those little plastic bread ties.

In the news

The B.C. government has committed to ending fossil fuel subsidies with changes to its oil and gas royalties regime. The government said it was an effort to better align with the province’s climate goal, while also bringing in an additional $200M in revenue. 

In other B.C. news, the province announced it will be adding 810 new EV chargers across the province with funding from the federal government. 

The Court of Appeal of Alberta recently ruled that the federal Impact Assessment Act is unconstitutional. The decision pointed to the division of powers between federal and provincial governments, arguing that the law effectively allowed the federal government to prevent provinces from developing their natural resources. The federal government will appeal to the Supreme Court.

Northern Premiers issued an appeal to the federal government for stronger action on climate change, as northern provinces and territories see an increased pace in the effects of climate change.

Scotiabank ended its membership in the Canadian Association of Petroleum Producers (CAPP), the last of the five big banks to do so. The move comes shortly after shareholders raised climate concerns at the bank’s AGM in April. 

The University of PEI officially opened its new Canadian Centre for Climate Change and Adaptation. The centre offers lab space and opportunities to bring together research and industry partnerships.

That’s all for this week. As always, thanks for reading and if you’re enjoying the newsletter, consider forwarding to a friend!

Justin