Canadian gas group launches venture fund
Just two days after its creation, NGIF Capital on April 1 launched NGIF Cleantech Ventures, a new equity fund that will invest in cleantech solutions that lead to greenhouse gas (GHG) emission reductions along the natural gas value chain or that advance renewable natural gas and hydrogen.
NGIF Cleantech Ventures is supported by C$35mn (US$28mn) in seed funding from seven limited partners representing Canada’s natural gas value chain: producers ARC Resources, Birchcliff Energy and Tourmaline Oil; utilities ATCO Gas and FortisBC and midstream infrastructure operators TC Energy and Tidewater Midstream and Infrastructure.
Their investments create an equity fund that will build on the work done since 2017 by the Canadian Gas Association’s Natural Gas Innovation Fund (NGIF), which has been rebranded under the NGIF Capital umbrella as NGIF Industry Grants.
“NGIF Cleantech Ventures is uniquely placed to position Canada’s natural gas as the most competitive gas molecule in the world, with the lowest-emission profile,” said John Adams, CEO of NGIF Capital and managing partner of NGIF Cleantech Ventures. “Our fund will leverage the experience and expertise of our strategic gas partners to support our cleantech startups. NGIF Cleantech Ventures, together with our flagship fund NGIF Industry Grants, will help support new ventures from concept to commercialisation.”