Canadian Gas Group Launches Cleantech Investment Arm
After acting as an incubator for natural gas cleantech startups to access funding, the Canadian Gas Association (CGA) said March 30 its Natural Gas Innovation Fund (NGIF) would be folded into Canada’s first venture capital firm created by and for the natural gas sector.
NGIF Capital Corporation will be the home of three separate NGIF enterprises: the original NGIF (now called NGIF Industry Grants), the NGIF Emissions Testing Centre, and a soon-to-be-launched venture fund.
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NGIF was launched by the CGA in 2017 and since then has funded more than 50 cleantech startups, de-risking technology solutions for a wide variety of applications in the natural gas industry. As these startups reach commercialisation, they are expected to contribute about 3.5mn mt of greenhouse gas (GHG) emission reductions by 2030.
NGIF Capital will build on the work done to date by the NGIF and offer a hybrid investment model and market-validation platform for startups, working with them from concept to commercialisation and offering ready access to markets.
Its investments will focus on technologies that will enhance the environmental and economic performance of the natural gas sector from well-head to burner tip. And investments in renewable natural gas and the emerging hydrogen sector won’t be ignored.
“Canada’s natural gas industry produces and delivers affordable, reliable and clean energy to meet its customers’ daily needs – at work and at home,” CGA CEO Timothy Egan said. “The organizations under NGIF Capital Corporation will support the industry’s drive to continuously improve, so we can continue to support Canadians’ energy needs.”