RBC Generator, a $10 million investment pool designated for companies addressing social and environmental issues, closed its first deal today, providing the MaRS Cleantech Fund with $500,000 to finance environmental initiatives.
The MaRS Cleantech Fund, which was launched in 2012, will invest in 10 to 12 green technology companies that address rising energy costs, resource scarcity, or rising carbon emissions.
“RBC’s investment speaks to the momentum that is building around the impact investing agenda both in Canada and globally,” said Tom Rand, co-managing director, MaRS Cleantech Fund, in a press release. “The MaRS Cleantech Fund targets technologies that will change the energy game. This investment from RBC will help these ambitious and talented entrepreneurs become global leaders.”
The Cleantech Fund will also provide companies with other resources, such as MaRS’s network of experts developing clean and sustainable technology, a market that is expected to reach $3 trillion by 2020, according to Ottawa-based Analytica Advisors.
Sandra Odendahl, head of RBC’s Social Finance initiative, hopes today’s announcement will encourage others in the business community to support sustainable technology initiatives.
“RBC is proud to support MaRS in its efforts to help ignite entrepreneurship and innovation in Canada by funding businesses that deliberately seek to make positive contributions to the community,” she said in a press release. “Our investment in the MaRS Cleantech Fund is the first made by the RBC Generator, and we hope that others in the business community will make similar commitments to help create positive social and environmental change.”