Hey there,

In this week’s issue, we unpack the Canada Investment Summit and why, with over $180B in clean economy projects, it was actually a climate tech summit in disguise.

Elsewhere in climate tech:

ICYMI: We just put out a deep dive on SAF in Canada, mapping the builders, buyers, and policy levers driving adoption. Get up to speed. Check out the full report.

What happened: PM Carney hosted the Canada Investment Summit in Toronto last week, aiming to catalyze more than $1 trillion in investment in Canadian projects over five years.

The details: The prospectus shows more than 160 projects at various stages. Despite the emphasis on pipelines and ports, the list reads like an energy transition thesis:

In all, clean energy and low-carbon projects total around $184 billion of potential investment or about 40% of total capex on the list.

Carney also launched the Productivity Mega Deduction, cutting Canada's effective tax rate on investment to 6.4% - half the US rate - and expanding it to more assets.

Why it matters: Climate tech and clean energy's prominent showing is a shift in how Canada has historically pitched itself to global capital. Energy transition projects are in the same infrastructure category as pipelines and highways, not just grants and demonstration plants.

Carney also has markets beyond the US in mind. The list backs expanded electricity generation for rising demand, low-carbon fuel exports, and new ports and rail to reach markets for Canadian uranium, hydrogen, and battery materials.

Yes, but:

The bottom line: Carney's investment summit turned out to be a climate tech summit in hiding. Now comes the work to make projects bankable, turning eyeballs into capital commitments.

Kanin Energy (Calgary, AB) raised $100 million from Canada Growth Fund and S2G Investments to deploy industrial waste-heat-to-power projects across the US and Canada. Kanin operates on an energy-as-a-service model, capturing exhaust heat and converting it to power.

Cura (Calgary, AB) closed $14 million in funding for its low-carbon cement technology led by Zacua Ventures. Cura uses electrochemical processes to create cement, and will use the funding to accelerate commercialization.

Ultimarii (Calgary, AB) raised over $13 million in Series A funding for its permitting and regulatory intelligence platform for energy, critical minerals, and infrastructure.

NorthX invested $2.5 million into five women-led climate startups, including Carbonyx, Tydra Labs, and Seafoam Materials.

RecycLiCo (Delta, BC) invested $1 million into fusion technology company Type One Energy Group.

Wittington Ventures closed its third fund to invest $180 million in climate, food and other sectors at Series A and B stages.

Amplify Capital also closed its third fund, raising $60 million for early stage ventures across climate, health and work tech.

pHathom Technologies started piloting its ocean-based carbon removal in New Brunswick.

Enhance Energy broke ground on the Origins project in Alberta, Canada's largest carbon capture facility.

Hypocotyl launched out of stealth to measure the carbon intensity of grain at the field level and bring MRV to the food system.

Manitoba is building a geothermal district heating and cooling system near the University of Manitoba, serving over 1,000 homes.

Airex Energy will supply NB Power with wood pellets to convert the Belledune coal plant to biomass fuel. Belledune supplies about 15% of NB's power.

Call2Recycle launched a OEM-led EV battery recovery program across Canada.

RBC bought improved forest management carbon credits from US-based Chestnut Carbon.

Tariff impacts: Almost three quarters of cleantech companies have been affected by the US trade war, hitting startups and small companies hardest. The Canada Cleantech Alliance survey found companies are looking for new markets, but also revisiting supply chains and project pipelines.

Churchill deal: The NFLD government voted in favour of a new, 50-year energy-sharing deal with Hydro-Quebec on the Churchill Falls hydro station.

Call for wind: Nova Scotia launched a new call for 350 MW of onshore wind to help it meet its renewable energy targets and displace coal. The province re-launched the call after most successful bids dropped out in the last round.

Funding dip: Venture investment in Canadian cleantech fell to $590 million last year, down from highs of $1.65B in 2022, according to a new report, with notable gaps at late-stage and growth financing.

Species at risk: The feds are walking back permitting changes that would let projects bypass protections for endangered species. Select energy projects will still skip the Impact Assessment Agency.

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