Cycle Momentum, 2 Degrees and IVÉO have joined forces to create the Clean Technologies Consortium which intends to support new businesses, from ideation to commercialization.
The government, through the Ministry of Economy, Innovation and Energy, has provided funding of $3,565,259 for the project.
This support is in addition to $22 million in aid granted last fall by the Ministry of the Environment to Cycle Momentum.
“We want to encourage innovation. There are great ideas that are found at the university level, at the level of fundamental research and we must succeed in transposing them into concrete projects subsequently, we must create startups, yes, but also bring them to commercialization of their product, of their initiative,” indicated the Minister of the Environment.
Mobility, decarbonization, water management, etc.
The consortium intends to help start-ups by offering “specialized support in climate technologies”, putting them in touch with potential customers and helping them gain access to capital.
According to Benoit Balmana, general director of IVÉO, the consortium is a “unique opportunity” to align the development of new technologies and the needs of the municipal and industrial sector.
“Whether we are talking about electromobility, energy efficiency, sustainable water management, adaptation to climate change, all these issues require the development of new technologies and what we can do with the consortium, it is to ensure that companies understand the market issues in order to develop the right solutions which will respond to the problems of municipalities or even companies,” explained Benoit Balmana.
Develop and market products in Quebec
Quebec has difficulty commercializing the results of fundamental research. A recent report from the Institute for Research in Contemporary Economy (IRÉC) stated that in 2020, only 40% of patented innovations designed by Quebec researchers were done on behalf of a person or organization from the province.
The general director of IVÉO believes that the Clean Technologies Consortium will encourage the emergence of businesses that will remain in the province.
“There are financial partners, investors who are capable of financially supporting startups with Quebec capital. So, we hope to keep the companies here because we are able to also mobilize financial players around our consortium,” indicated Benoit Balmana.
“It’s a global competition, we don’t hide it. But given that we are financing the first steps (…) and that they are developing in Quebec, we can think that they will continue their operations in Quebec, and that is what we want, naturally,” for his part added the Minister of the Environment Benoit Charette.
The new consortium describes itself as the largest support network for growing clean technology companies.
Cycle Momentum, IVÉO and 2 Degrees maintain that they benefit from significant strategic support at the academic, institutional, industrial and municipal level.
