Energy technology-focused venture firm EnerTech Capital Partners has received a US$20 million commitment from BDC Venture Capital, which will go towards EnerTech Capital Partners IV (Canada) LP. Other fund investors include Teralys Capital, Alberta Enterprise Corp. and Export Development Canada. EnerTech, which is expected to earmark US$50 million of its targeted US$150 million partnership for investments in Canada, has also opened new offices in Montréal and Calgary. The firm already has offices in Toronto and Conshohocken, Penn.
BDC Venture Capital Commits $20 Million to EnerTech Capital, EnerTech Opens Two New Canadian Offices in Calgary & Montréal
TORONTO, May 27, 2013 /CNW Telbec/ – Today, BDC Venture Capital announced a commitment of US$20 million to EnerTech Capital Partners IV (Canada) Limited Partnership. EnerTech, which is well on its way to achieve its target size of US$150 million, is expected to invest approximately US$50 million in Canadian companies and will target 12 to 17 opportunities, ranging from early stage to mid stage, in the areas of software, advanced materials, engineered solutions, smart grid or water industry innovations with energy industry applications (i.e., applications that are targeted for the exploration, production, refining/conversion, transportation, delivery and consumption of fossil fuels and applications which target the generation, transmission, distribution, storage and consumption of electrical energy). BDC Venture Capital will be investing alongside Teralys Capital, Alberta Enterprise Corporation, Export Development Canada, GDF Suez, Southern Ute Fund, Newalta, Hatch and others.
“Thanks to their expertise and connections in the energy industry, EnerTech’s potential to accelerate the growth of Canadian startups looks very promising,” stated Neal Hill, Vice-President, Fund Investments at BDC Venture Capital. “EnerTech has a successful and committed team with a focused sector approach who will build on their current strategy of backing exceptional founders and management teams in an effort to reinvigorate the Canadian venture capital industry. We are delighted to see EnerTech’s continued commitment to Canada as they are an important part of the Canadian venture capital market.”
“We see strong potential from Canada,” said Wally Hunter, Managing Director of EnerTech Capital. “As long-time operators, managers and investors in the energy technology sector, we know what it takes to help our companies attain success. Our strategy calls for an enhanced Canadian presence made possible by our active pursuit of significant energy related opportunities, in part thanks to our new offices in Montréal and Calgary, in addition to our established Toronto office.”
This investment is consistent with BDC Venture Capital’s strategy aimed to develop a strong venture capital ecosystem in Canada. It also meets its objective of creating and attracting new high potential fund management teams to Canada. Mr. Victor Scutaru, Director of Fund Investments at BDC Venture Capital, will continue to manage BDC Venture Capital relationships with EnerTech which he has done with success since 2010.
EnerTech Capital is a private investment firm focused on innovation in the energy and power industries: early to mid-stage companies that offer products or services that dramatically improve the profitability of producing or consuming energy. It has previously syndicated deals with top venture capitalists such as Foundation Capital, Battery Ventures, New Enterprise Associates, 32 Degrees, Globespan, Rustic Canyon, Summerhill, Menlo Ventures, Google Goldman and many others. We expect that these relationships will result in more foreign capital being deployed in Canadian companies.
About BDC Venture Capital
With more than $1 billion under management and more than 25 years of industry experience, BDC Venture Capital is an investor of choice focusing on IT, health, and energy/clean technology companies, as well as venture funds, with high growth potential. From seed through expansion to exit, our mandate is to help build outstanding Canadian companies, while working to create a sound financial ecosystem for Canadian technology ventures. Find out more at www.bdc.ca/vc or on Twitter @BDC_VC.
SOURCE: BDC Venture Capital
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