Canada Growth Fund this month announced an official financial commitment to Longbow Capital.
Longbow is a Calgary-based private equity investment manager with a decades-long track record of investing in energy, infrastructure, and technology.
The company’s Longbow Energy Transition Fund II invests in businesses that are expected to benefit from the momentum behind North America’s energy transition, with a focus on technologies and services that lower carbon emissions through efficient and cost-effective solutions.
Canada Growth Fund’s commitment includes up to $50 million toward the Energy Transition Fund II, whose funders include BDC Capital and TD Bank Group.
“CGF is pleased to deliver continued progress against its mandate and to provide additional investable capital to support the growth of promising Canadian cleantech companies and managers,” stated Yannick Beaudoin, Chief Executive Officer of Canada Growth Fund Investment Management.
“With their expertise in the energy sector and pipeline of investment opportunities, we look forward to an ongoing partnership with the investment team at Longbow,” Beaudoin said.
It’s CGF’s tenth investment since launching in 2023.
“The shift in how energy is produced, consumed, and financed is transformative, and it presents a significant long-term investment opportunity,” commented Tyson Birchall, who serves as Managing Director at Longbow.
“We continue to see compelling opportunities to invest in businesses that are developing innovative approaches to the decarbonization of our energy system and look forward to working with CGF and partners to accelerate our impact,” he said.
Announced in Budget 2023, CGF is a $15 billion public investment vehicle designed to attract private capital to build Canada’s clean economy.
The national entity’s initial investment was $90M into Calgary geothermal innovator Eavor.
Counting $1.5B in assets today, Longbow Capital was founded in 1997.
Tax payers want their money back with interest.