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Burnaby, BC, December 1, 2022--(T-Net)--Foresight Canada announced today the Foresight50, a list of Canada's most investable cleantech ventures

Foresight 50 shines a spotlight on compelling climate solutions by recognizing Canada's 50 'most investable' cleantech ventures.

British Columbia-based cleantech companies dominated the list in 2022, taking home 19 of the 50 spots, far exceeding any other province.

Finding the Foresight 50 started with an extensive consultation process with partners across the country and an open call for nominations. After an expert review of nominated ventures by a panel of their Executives in Residence and mentors, chosen companies were asked to complete a detailed application form.

An independent panel of judges, representing investors and cleantech community partners, evaluated the over 150 applications based on criteria including investability, potential environmental and employment impact, and probability of success.

Listed below are the 19 British Coumbia-based cleantech companies recognized this year in the 2022 Foresight 50:

Agora Energy Technologies:

Developing a frontier technology that repurposes CO2 as a raw material for supplying sustainable and abundant clean electricity.

• Number of full time employee equivalents: 10 - Vancouver, BC
• Acceleration Programs: e@UBC
• Awards and Recognition: Hello Tomorrow, Paris - Energy Track and the Global Deep Tech Winner (2020), Jumpstarter HK and Alibaba Entrepreneurs Fund - Environmental Champion Award (2020), The Keeling Prize for Carbon Capture and Utilization (2021), Finalist in the Energy Breakthrough Canada (2020) and Impact CanadaChanging the Future (2021), Cartier Women Initiative - C.Gyenge for Science and Technology (2021) Non-dilutive Grant Fundi
• Non-dilutive Grant Funding: NRC IRAP, SR&ED, NRCan Grant Funding Raised ($CAD): $1,779,000.00
• Most Recent Equity Capital Raise completed: Seed ($500k-$2M)
• Dilutive Equity Funding Raised ($CAD): $3,765,120.00
• Investors: Robert Quartermain, Robert Landucci
• Planned Equity Raise: Series A funding of $10M CAD in Q2/Q3 of 2023

Axine Water Technologies Inc.

Axine treats the toughest organic pollutants in industrial wastewater to eliminate hazardous contaminants in the world's water ecosystem.

• Number of full time employee equivalents: 18 - Vancouver, BC
• Acceleration Programs: MaRS
• Awards and Recognition: Global Cleantech 100 • BlueTech Innovation Tracker • Cleantech Ready to Rocket • Technology Impact Award
• Non-dilutive Grant Funding: SDTC, SR&ED, NRC IRAP, Innovate BC, BC-ICE Grant Funding Raised ($CAD): $16,900,000.00
• Investors: Chrysalix, BDC, RODA Group, Asahi Kasei, EDC, VanEdge
• Most Recent Equity Capital Raise completed: Series A ($2M-$20M)
• Dilutive Equity Funding Raised ($CAD): $27,928,000.00
• Projected Revenues for 2022 ($CAD): $1,100,000.00
• Planned Equity Raise: Series B - $10M to $20M

Carbin Minerals Carbon

From air to rock: permanent carbon dioxide removal

• Number of full time employee equivalents: 5 - Vancouver, BC
• Acceleration Programs: Hatch at e@UBC
• Awards and Recognition: Carbon Removal XPRIZE Milestone Award, BC Tech Startup of the Year Finalist
• Non-dilutive Grant Funding: SDTC, XPRIZE $1M Milestone prize
• Grant Funding Raised ($CAD): $1,400,000.00 Investors: Neglected Climate Opportunities LLC (investment arm of Grantham Trust)
• Most Recent Equity Capital Raise completed: Seed ($500k-$2M) Dilutive Equity Funding Raised ($CAD): $1,950,000.00
• Projected Revenues for 2022 ($CAD): $300,000.00
• Planned Equity Raise: Yes, TBD

CarboNet

Accelerating the world's transition to recycled water with a new class of chemistry.

• Number of full time employee equivalents: 50 - Vancouver, BC
• Acceleration Programs: Entrepreneurship@UBC
• Awards and Recognition: Foresight 50 (2021) • Clean50 • Fast Company - World Changing Ideas • BC Technology Impact Awards
• Non-dilutive Grant Funding: NRC IRAP • SR&ED • Eco Grant
• Grant Funding Raised ($CAD): $1,800,000.00
• Seed, Angel and/or VC Equity Investment: Yes
• Most Recent Equity Capital Raise completed: Seed ($500k-$2M)
• Dilutive Equity Funding Raised ($CAD): $18,200,000.00
• Projected Revenues for 2022 ($CAD): $24,000,000.00

Ekona Power Inc.

Ekona is unlocking the power of clean hydrogen.

• Number of full time employee equivalents: 30 - Burnaby, BC
• Awards and Recognition: • Foresight 50 (2021) • Global Cleantech 100 awards
• Non-dilutive Grant Funding: BC Innovative Clean Energy (ICE) Fund • National Research Council • NRC Industrial Research Assistance Program • Natural Resources Canada • Breakthrough Energy Solutions Canada (BESC) • Emissions Reduction Alberta • Natural Gas Innovation Fund • Clean Resource Innovation Network
• Grant Funding Raised ($CAD): $20,000,000.00
• Investors: Evok Innovations, Innovative Breakthrough Energy Solutions (IBET), BDC Capital, Baker Hughes, Mitsui, NGIF Ventures, TransAlta, ConocoPhilips, Continental Resources, ARC Resources, Trirec, and McKinley Capital
• Most Recent Equity Capital Raise completed: Series A ($2M-$20M)
• Dilutive Equity Funding Raised ($CAD): $79,000,000.00
• Planned Equity Raise: Series B

GRT

Wash. Sort. Reuse.

• Number of full time employee equivalents: 25 - Victoria, BC
• Acceleration Programs: NRC IRAP
• Awards and Recognition: Foresight 50 (2021)
• Non-dilutive Grant Funding: NRC IRAP • Innovate BC • SR&ED
• Grant Funding Raised ($CAD): $600,000.00
• Investors: Family Office Investors
• Most Recent Equity Capital Raise completed: Private Capital Raise of $6M (2020) Dilutive Equity Funding Raised ($CAD): $8,000,000.00
• Projected Revenues for 2022 ($CAD): $6,000,000.00
• Planned Equity Raise: Raising private capital to support build of second plant

HTEC

• Number of full time employee equivalents: 91 - BC
• Acceleration Programs: Foresight Canada
• Awards and Recognition: Foresight 50 (2021) • CICE Open Innovation Award (2022) • Clean50 Top Project (2020) • North Van Business Excellence Award • BC's Ready to Rocket list (2020)
• Non-dilutive Grant Funding: NRCAN • Province of BC • Federal Government Investors: Chart Industries, Inc. (Chart) and I Squared Capital (ISQ)
• Most Recent Equity Capital Raise completed: Series B+ ($20M+)
• Planned Equity Raise: Yes

Hydra Energy

• Number of full time employee equivalents: 20 - Delta, BC
• Acceleration Programs: Foresight Canada
• Awards and Recognition: Foresight 50 (2021) • Clean50 • Future 50
• Non-dilutive Grant Funding: NRC IRAP • SDTC • ECCC • BC LCFS Part 3 Agreement • LCEF • BC CICE
• Grant Funding Raised ($CAD): $5,000,000.00
• Seed, Angel and/or VC Equity Investment: Yes
• Most Recent Equity Capital Raise completed: Series A ($2M-$20M)
• Dilutive Equity Funding Raised ($CAD): $10,000,000.00
• Planned Equity Raise: December 2022 to close $14M in equity

Intelligent City

Build Smarter - Live Better - Think Change

• Number of full time employee equivalents: 30 - Vancouver, BC
• Acceleration Programs: Foresight Canada, MaRS for Cleantech Forum
• Awards and Recognition: Solar Impulse • Breakthrough Energy Solutions Canada
• Non-dilutive Grant Funding: SDTC • NRCan IFIT • Next Generation Supercluster • Breakthrough Energy Solutions Canada • NRC • CleanBC Grant
• Funding Raised ($CAD): $14,700,000.00
• Investors: BDC VC Cleantech Practice, Greensoil Proptech Ventures, UIT Funds, Fulmer and Company
• Most Recent Equity Capital Raise completed: Series A ($2M-$20M)
• Dilutive Equity Funding Raised ($CAD): $13,500,000.00
• Projected Revenues for 2022 ($CAD): $750,000.00
• Planned Equity Raise: Series B, Q3 2023, $25M

LlamaZOO

Spatial BI through Digital Twinning and enablement of the Industrial Metaverse

• Number of full time employee equivalents: 30 - Victoria, BC
• Acceleration Programs: Foresight Canada, startAD, VIATEC VAP
• Non-dilutive Grant Funding: Digital Supercluster • NRC IRAP • SR&ED • IDMTC • NRCan • InnovateBC Ignite
• Grant Funding Raised ($CAD): $2,000,000.00
• Investors: RockPile Ventures
• Most Recent Equity Capital Raise completed: Seed ($500k-$2M)
• Dilutive Equity Funding Raised ($CAD): $2,000,000.00
• Projected Revenues for 2022 ($CAD) $2,000,000.00
• Planned Equity Raise: Currently raising seed bridge: $3M. Series-A in Spring 2023: $10M

Lucent BioSciences

Higher yields. Healthier soil. The ultimate return.

• Number of full time employee equivalents: 29 - Vancouver, BC
• Acceleration Programs: Foresight Canada, Cultivator SVG Thrive, Singapore Slingshot Foodbytes by Rababank
• Awards and Recognition: Canada's Farm Show - Innovation of the year • Ag In Motion - Runner Up, Product of the year
• Non-dilutive Grant Funding: Protein Industries Canada x 2 • SR&ED • NRC IRAP • BC Agritech Grant • SFU Sandbox • NSERC Engage • AAFC Cleantech Program
• Grant Funding Raised ($CAD): $22,000,000.00
• Investors: Emmertech, Amathaon
• Most Recent Equity Capital Raise completed: Series A ($2M-$20M)
• Dilutive Equity Funding Raised ($CAD): $12,000,000.00
• Projected Revenues for 2022 ($CAD): $1,000,000.00
• Planned Equity Raise: Series A in January

MarineLabs Data Systems Inc.

MarineLabs is a coastal intelligence company and realtime data provider, transforming marine safety and building climate-resilient coastlines.

• Number of full time employee equivalents: 9 - Victoria, BC
• Acceleration Programs: Foresight Canada
• Awards and Recognition: BC Cleantech Awards, Rising Star (2022) • Greater Vancouver Board of Trade: Business Reinvention Awards (2021) • Regional TAP Export Plan
• Non-dilutive Grant Funding: NRC IRAP • SR&ED • NRCan
• Grant Funding Raised ($CAD): $742,000.00
• Investors: Joshua McKenty
• Most Recent Equity Capital Raise completed: Pre-seed (Up to $500k)
• Dilutive Equity Funding Raised ($CAD): $45,000.00
• Projected Revenues for 2022 ($CAD): $1,385,000.00
• Planned Equity Raise: 12-16 months, Seed Round, $3-$5M

Nyoka

We engineer proteins that create light.

• Number of full time employee equivalents: 7 - Vancouver, BC
• Acceleration Programs: Indie Bio, UBC HATCH Venture Builder, Creative Destruction Labs
• Awards and Recognition: New Ventures BC Top BC Tech Company
• Non-dilutive Grant Funding: SDTC • NRC IRAP • BioTalent
• Grant Funding Raised ($CAD): $1,036,000.00
• Investors: Indie Bio, Brickyard VC
• Dilutive Equity Funding Raised ($CAD): $345,000.00
• Projected Revenues for 2022 ($CAD): $200,000.00
• Planned Equity Raise: Currently raising $1M, $3.5M Seed round in 2024

Open Ocean Robotics

Protecting Oceans Sustainably

• Number of full time employee equivalents: 30 - Victoria, BC
• Acceleration Programs: Foresight Canada, MaRS, CDL, Alacrity, SeaAhead, Greentown Labs
• Awards and Recognition: Foresight 50 (2021) • Global Cleantech 50 • Solar Impulse • BC Innovator of the Year • BC Cleantech Awards Icon
• Non-dilutive Grant Funding: NRC IRAP • SR&ED • SDTC • BC-ICE • NRCan • Ocean Supercluster
• Grant Funding Raised ($CAD): $6,500,000.00
• Investors: Rhiza Capital, Social Innovation Fund, Cindicates, Nelson Investments, Something Good Ventures
• Most Recent Equity Capital Raise completed: Seed ($500k-$2M)
• Dilutive Equity Funding Raised ($CAD): $1,700,000.00
• Projected Revenues for 2022 ($CAD): $1,100,000.00
• Planned Equity Raise: $10M round

Takachar

We turn trash (crop and forest residues) into cash (highervalue chemicals, biofuels, and fertilizer base) in remote communities.

• Number of full time employee equivalents: 19 - Vancouver, BC
• Acceleration Programs: entrepreneurship@UBC, Breakthrough Energy Fellowship, Cyclotron Road Fellowship
• Awards and Recognition: Prince William's inaugural Earthshot Prize • Elon Musk's XPRIZE Carbon Removal • Bill Gates's Breakthrough Energy Fellowship
• Non-dilutive Grant Funding: Agriculture and Agri-Food Canada • Province of British Columbia • Breakthrough Energy • Royal Foundation • Elon Musk Foundation • Schmidt Family Foundation • World Food Programme • Groupe OCP • Tata Trusts Grant Funding Raised ($CAD): $11,000,000.00
• Projected Revenues for 2022 ($CAD): $210,000.00
• Planned Equity Raise: Yes, contact to discuss

TechBrew Robotics Inc.

Vision Guided Robots and Automation

• Number of full time employee equivalents: 45 - Salmon Arm, BC
• Acceleration Programs: Foresight Canada , BC Cultivator, Accelerate Okanagan Awards and Recognition: BC Tech "Excellence in Industry Innovation" Impact Award Finalist (2022) • OKGN Angel Summit (2021) • BC AgriTech Innovation Challenge (2019)
• Non-dilutive Grant Funding: CAAIN • SR&ED • NRC IRAP • Innovate BC • B.C. Agritech Grant • AgrCan Grant
• Grant Funding Raised ($CAD): $4,000,000.00
• Investors: Emmertech Fund
• Most Recent Equity Capital Raise completed: Series A ($2M-$20M)
• Dilutive Equity Funding Raised ($CAD): $4,500,000.00
• Projected Revenues for 2022 ($CAD): $2,000,000.00
• Planned Equity Raise: Yes

Terramera, Inc.

Transforming how food is grown and the economics of agriculture

• Number of full time employee equivalents: 131 - Vancouver, BC
• Acceleration Programs: Foresight Canada
• Awards and Recognition: BC Cleantech Awards Industry Icon • TIA Excellence in Technology Innovation Award (2020) • EDC Export Star (2021)
• Non-dilutive Grant Funding: SDTC • Digital Technology Supercluster • BC-ICE • NRC IRAP • AAFC
• Grant Funding Raised ($CAD): $18,400,000.00
• Investors: S2G Ventures, Ospraie Ag Science, IKEA/Ingka GreenTech, Arctern Ventures, Bold Capital Partners
• Most Recent Equity Capital Raise completed: Series B+ ($20M+)
• Dilutive Equity Funding Raised ($CAD): $100,000,000.00
• Projected Revenues for 2022 ($CAD): $6,000,000.00
• Planned Equity Raise: Currently seeking investment

Verdi

The climate adaptation platform for agriculture

• Number of full time employee equivalents: 8 - Vancouver, BC
• Acceleration Programs: Alchemist Accelerator, THRIVE Accelerator, e@UBC HATCH Accelerator (current)
• Awards and Recognition: Foresight 50 (2021) • THRIVE Sustainability Award • Techcrunch Disrupt Startup Battlefield • CrossoverAI (2020)
• Non-dilutive Grant Funding: BC Agritech Innovation Grant • SDTC Seed Fund • BC Fast Pilot
• Grant Funding Raised ($CAD): $480,000.00
• Investors: THRIVE/SVG Ventures, Startup Haven Fund, Rarebreed Ventures, Echo River Capital, Alchemist Accelerator, Tom Urban (Agribusiness Advisors), Kevin Merritt
• Most Recent Equity Capital Raise completed: Seed ($500K - $2M)
• Dilutive Equity Funding Raised ($CAD): $1,100,000.00
• Projected Revenues for 2022 ($CAD): $340,000.00

Viridis Research

Water free of microplastics

• Number of full time employee equivalents: 4 - Vancouver, BC
• Acceleration Programs: Forsesight Canada, E@UBC, Sheboot
• Awards and Recognition: Spring Impact challenge • Tie Vancouver • Cleantech 50 to watch (2022) • Impact Company Coastal Capital (2022)
• Non-dilutive Grant Funding: NRC IRAP • SDTC • MItacs • BC
• Grant Funding Raised ($CAD): $450,000.00
• Investors: Spring investor challenge
• Most Recent Equity Capital Raise completed: Pre-seed (Up to $500k)
• Dilutive Equity Funding Raised ($CAD): $400,000.00
• Planned Equity Raise: $2M in May 2023

Find out more details on the full list of 50 Canadian cleantech companies recognized in the Foresight 50 for 2022, as well as a link to a more detailed .pdf report, please click here. 

About Foresight Canada

Foresight is Canada's cleantech accelerator. Foresight supports the identification and validation of cleantech opportunities and the successful commercialization of solutions. We bring together industry, government, academia, investors, and innovators to address today's most urgent climate issues and support a global transition to a green economy. Find out more at www.foresightcac.com.