H2O Innovations and Cycle Capital Holds Initial Close for C$30 Million Watertech Fund to Advance Sustainable Water Solutions
June 26 2024 - 9:05AM
Business Wire
H2O Innovation Inc. (“H2O Innovation” or the “Corporation”) and
Cycle Capital announce the initial close of Cycle H2O Fund, a
watertech venture capital fund with a targeted size of C$30 million
fund dedicated to investing in innovative water technologies. The
Government of Québec, through Investissement Québec, acted as
anchor investor and was joined by Boann Capital, Fonds Climat du
Grand Montréal, The Atmospheric Fund, a number of family offices,
and private investors as limited partners.
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The fund aims to support the development and commercialization
of seed and early stage innovative watertech companies from Québec
and Eastern Canada (in sustainable agriculture, green chemistry and
water treatment digital technologies related to industrial water
processes and water conservation) to meet the growing need for
market-ready solutions.
Managed by Cycle Capital and H2O Innovation, and led by Cycle
Capital’s Senior Partner Simon Olivier, the Cycle H2O fund will
capitalize on Cycle Capital’s more than a decade-long experience of
ClimateTech venture investing globally, and H2O Innovation’s
expertise in developing and commercializing water treatment
solutions internationally.
“To build a green and sustainable economy, we need to accelerate
the development and marketing of clean technology. With our
investment in the Cycle H2O Fund, our government is providing the
Québec of tomorrow with innovative solutions for the intelligent
use of its water,” Pierre Fitzgibbon, Minister of Economy,
Innovation and Energy, Minister Responsible for Regional Economic
Development and Minister Responsible for the Metropolis and the
Montréal Region.
"We need innovative technologies that will help us adapt our way
of life and combat climate change effectively. This is particularly
true of water, a shared resource that Québec is actively seeking to
preserve. We have announced record sums for ensuring there is
adequate, predictable and sustained funding of initiatives that
will protect, restore and enhance water, by means of the Fonds
bleu. And the investment we have announced today will support the
creation of the Cycle H2O Fund. This new fund is another example of
our government’s firm commitment to water and of Québec’s desire to
actively contribute to global efforts that will protect and
sustainably manage this precious resource,” added Benoit Charette,
Minister of the Environment, the Fight against Climate Change,
Wildlife and Parks and Minister responsible for the Laurentides
region.
“Cycle Capital’s experience in the ClimateTech sector has shown
us the transformative power of specialized venture funds to tackle
some of the most pressing environmental challenges. With the Cycle
H2O Fund, we are expanding our focus to include water, a sector
ripe for disruption to tackle water scarcity. We look forward to
collaborating with our partner H2O Innovation and seeing the impact
this fund will have on the global water landscape,” said
Andrée-Lise Méthot, Founder and Managing Partner at Cycle
Capital.
“Since our founding in 2000, our vision to address growing and
complex water issues has been clear: provide state-of-the-art
technologies and solutions to municipal and industrial customers
across Canada and abroad. However, the lack of awareness from the
public and from the investment community in general, as well as the
absence of specialized water investment platforms in Canada made us
struggle in our early days. Today we want to give back and share
our knowledge and experience with new “water entrepreneurs” willing
to develop technologies and grow businesses in a sector that will
never slow down: water. The opportunity to combine capital and
experience in this fund fits perfectly with our desire to support
companies in their seed and growing phases,” stated Frédéric Dugré,
President and Chief Executive Officer of H2O Innovation.
About H2O Innovation
Innovation is in our name, and it is what drives the
organization. H2O Innovation is a water solutions company focused
on providing best-in-class technologies and services to its
customers. The Corporation’s activities rely on three pillars: (i)
Water Technologies & Services (WTS) applies membrane
technologies and engineering expertise to deliver equipment and
services to municipal and industrial water, wastewater, and water
reuse customers, (ii) Specialty Products (SP) is a set of
businesses that manufacture and supply a complete line of specialty
chemicals, consumables and components for the global water
treatment industry, and (iii) Operation & Maintenance (O&M)
provides contract operations and associated services for water and
wastewater treatment systems. Through innovation, we strive to
simplify water. For more information, visit H2O Innovation.
Cycle Capital
Cycle Capital is a leading ClimateTech venture capital platform
scaling impactful sustainable innovation. Founded in 2009, Cycle
Capital invests across North America, Europe and Asia in growing
companies commercializing solutions to the major ecological
challenges and contributing to a net-zero transition. Cycle Capital
is the founder of Cycle Momentum Accelerator + Innovation Engine.
Cycle Capital has developed an ESG and impact assessment
methodology integrated into the investment workflow from the
pre-investment phase to the exit of the portfolio company. For more
information on CycleH2O, visit: CycleH2O – Cycle Capital
Source: H2O Innovation Inc. www.h2oinnovation.com
Cycle Capital www.cyclecapital.com
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Communications Department +1 418-688-0170
communication@h2oinnovation.com
Catherine Bérubé +1 514 629-1022 cberube@cyclecapital.com