PE Deals

CIB provides C$100m to Johnson Controls and Apollo JV IonicBlue

The deal is intended to help Canadian organizations reach their decarbonization targets.

-
  • Under the agreement, CIB will invest funds into public and private decarbonization projects
  • These efforts will be supported by the IonicBlue energy-as-a-service offering
  • Toronto-based CIB was established to develop modern sustainable infrastructure in Canada through partnerships between governments and the private sector

East Rutherford, New Jersey-based IonicBlue, a joint venture of Johnson Controls and Apollo Global Management, has raised C$100 million from Canada Infrastructure Bank (CIB).

The deal is intended to help Canadian organizations reach their decarbonization targets. Under the agreement, CIB will invest funds into public and private decarbonization projects within commercial, industrial, manufacturing and government buildings as well as airports, hospitals and universities.

These efforts will be supported by the IonicBlue energy-as-a-service offering, which provides a one-stop-shop for turnkey energy and infrastructure solutions.

“Funding secured through the Canada Infrastructure Bank and administered by IonicBlue will further decarbonization while creating energy savings and efficiencies for organizations throughout Canada, thanks to IonicBlue’s partnership with Johnson Controls,” said Reid Barley, CEO of IonicBlue, in a statement. “This venture is designed to map out net-zero journeys for businesses while creating healthy and safe environments, both in the present and well into the future.”

CIB is a federal crown corporation established to develop modern and sustainable infrastructure in Canada through partnerships between governments and the private sector. It has its headquarters in Toronto.

Based in Milwaukee, Wisconsin, Johnson Controls manufactures, installs and services HVAC systems, building management systems and controls, industrial refrigeration systems and fire and security solutions.

Apollo is a New York-based alternative assets manager. As of March 31, 2023, it had about $598 billion of assets under management.