Participated · Series C · Jan 2026

Founded in 2021, Cyclic Materials has developed a two-stage physical and hydrometallurgical process, marketed as MagCycle℠ and REEPure℠, to extract rare earth elements (REEs) from end-of-life products and magnet production waste. The system delivers a 61.2% lower carbon footprint, cuts water use to 5% of traditional mining requirements, and achieves recovery rates exceeding 98%. Its technology supplies mixed rare earth oxides (rMREO) essential for permanent magnets used in AI data centers, robotics, defense systems, e-mobility and automated manufacturing. Commercial momentum includes a forthcoming Spoke facility in Mesa, Arizona, a Hub and Center of Excellence in Kingston, Ontario, and a 10-year agreement to recycle 100% of VACUUMSCHMELZE’s magnet by-products from its new South Carolina plant. Cyclic Materials also partners with Solvay and Lime Micromobility to secure feedstock streams. Following the latest raise, total equity funding tops USD $162 million, enabling rapid expansion across North America and Europe. The company aims to anchor resilient, locally sourced REE supply chains that traditional mining cannot match in speed or sustainability.

Led · Equity · Jan 2026

Mangrove Lithium is commercializing a feedstock-flexible electrochemical refining process that converts various lithium inputs into battery-grade lithium hydroxide or lithium carbonate, aiming to cut costs, carbon intensity, and waste relative to conventional methods. Proceeds from its latest raise will fund commissioning of a 1,000-tonne-per-year "Single Stack Plant" in Delta, British Columbia, expected to supply material for about 25,000 electric vehicles annually. The company is also conducting early engineering and site selection for a full-scale facility with up to 20,000-tonne annual capacity—enough for more than 500,000 EVs. By expanding onshore refining, Mangrove seeks to bolster Western battery-materials supply chains and lessen dependence on overseas processing. Existing strategic and financial backers include Breakthrough Energy Ventures, BMW i Ventures, Mitsubishi Corporation, Asahi Kasei, Orion Industrial Ventures, Export Development Canada, and BDC Capital. The firm’s technology and expansion plans position it at the intersection of cleantech manufacturing incentives and growing lithium demand for EV batteries. No revenue or user metrics were disclosed in the article.

Led · Convertible Note · Aug 2024

Svante develops carbon capture and removal technology built around nanoengineered filters and modular rotary contactor machines. The company is constructing a 141,000 sq. ft. manufacturing facility in Burnaby, BC that will produce filters capable of capturing 10 million tonnes of CO2 annually and serve as its global headquarters and R&D center. Svante disclosed a US$145 million capital investment in that facility. The company offers integrated project development services and aims to de-risk first-of-a-kind (FOAK) commercial deployments while accelerating delivery of projects domestically and internationally. Svante intends to leverage its Canadian IP and manufacturing capabilities to prioritize opportunities in its Canadian pipeline. The company has received industry recognition, including placement on the 2024 Global Cleantech 100 and XPRIZE XB100 lists, and a Corporate Knights ranking among private companies. Svante designs and manufactures structured adsorbent beds (filters) that capture CO2 from industrial flue gas and direct air, concentrating it into 95% pipeline‑grade CO2 for storage or industrial reuse. Its modular solid sorbent technology is tailored to separate CO2 from nitrogen in dilute, low‑pressure flue gases and is targeted at heavy industries including hydrogen, pulp and paper, lime, cement, steel, aluminum and chemicals. The company was founded in 2007 and its board includes Nobel Laureate and former U.S. Secretary of Energy Steven Chu. Svante is commercializing its technology through a planned Vancouver manufacturing facility that it says will produce enough filter modules to capture millions of tonnes of CO2 per year across hundreds of large-scale CCUS facilities. Management says the new facility will remove barriers to rapid deployment and enable rapid expansion of its order book. The company has received strategic partnerships and pilot projects with Chevron, including prior investment and a 2020 pilot funded by the U.S. Department of Energy. Svante builds solid sorbent-based carbon capture technology that captures, concentrates and releases CO2 for storage or industrial use in about 60 seconds. The company plans to scale up manufacturing through a new Centre of Excellence for Carbon Capture Use and Storage in Vancouver, BC to produce commercial-scale structured absorbent filters and test its rapid adsorption machine (RAM) designs. Svante says its planned filter plant will have annual capacity to deliver filter modules capable of removing 3 million tonnes of CO2 per year (equivalent to three 1 Mt/year plants). Its technology is being deployed at pilot and demonstration scale, including a 1 tonne-per-day CO2MENT pilot with LafargeHolcim and TOTAL in Richmond, a 30 TPD demonstration completed in Lloydminster, and a 25 TPD plant under design at Chevron near Bakersfield. The company has attracted more than USD$195 million in funding since its founding in 2007. The article highlights Svante’s World Headquarters, R&D and engineering test center in Canada and emphasizes the role of its technology in decarbonizing emissions-intensive industries like cement and large-scale hydrogen production. Svante develops a solid sorbent carbon-capture solution that captures CO2 directly from industrial sources for safe storage or industrial reuse. The company says its technology can achieve capture at less than half the capital cost of existing engineered solutions. Svante plans to use new growth capital over the next three years to support several commercial-scale carbon capture facilities targeting hard-to-abate sectors such as cement manufacturing, blue hydrogen production and natural gas boilers. The company emphasizes a capital-light business model and deployment at industrial scale. Svante has attracted more than USD $150 million in funding since its 2007 founding. Its board includes Nobel Laureate and former U.S. Secretary of Energy Steven Chu and Pratima Rangarajan of OGCI Climate Investments.

Led · Equity · Dec 2023

Entropy develops modular post-combustion carbon capture and sequestration (CCS) technology and operates a full-cycle CCS capability spanning capture, compression, transport, subsurface storage, carbon finance and commercial structuring. The company designed and built Glacier Phase 1, the world’s first commercial natural-gas-fired CCS project, which began capturing and storing carbon about 18 months ago. Entropy intends to accelerate Canadian deployments, beginning with Glacier Phase 2 (initial target up to 185,000 tpa at $86.50/tonne for 15 years) and underwriting third-party projects using its modular solution across hard-to-abate industries. Following the announced transaction Entropy will have approximately $460 million of capital available, which together with tax credits, incentives and project financing establishes a path to execute over $1 billion of CCS projects and abate more than 1 million metric tonnes per annum of emissions. The company was founded in 2020 and is headquartered in Calgary; it plans to remain a global developer while prioritizing faster project advancement in Canada.

Participated · Equity · Oct 2023

Eavor Technologies develops and deploys patented Eavor-Loop™ closed-loop geothermal systems that circulate a benign working fluid through underground drilled passages to create a continuous heat exchanger. The technology is designed to provide a consistent, resilient source of clean energy without the intermittency of some renewables and with a smaller environmental footprint than traditional geothermal. Led by President & CEO John Redfern, the company aims to scale deployment of its technology using the newly raised capital. Eavor intends to use the proceeds to accelerate development and deployment of its geothermal solutions. No operating metrics were disclosed in the article. Eavor Technologies, headquartered in Calgary, Alberta, develops Eavor-Loop™, a closed-loop geothermal system that circulates a benign working fluid isolated from the environment through a massive subsurface radiator to collect heat via conduction. The company positions the solution as scalable, clean, dispatchable, baseload-capable and flexible for heat and power. OMV AG has entered a commercial agreement with Eavor to pursue large-scale deployment in Europe and beyond, receiving preferred licensing terms, access to services and development support. OMV will initially focus on deployment in Austria, Romania and Germany. Eavor and its project partners will begin drilling operations at the Eavor-Europe site near Geretsried, Bavaria this summer, the world’s first commercial implementation of an Eavor-Loop™. Financially, Eavor completed the first close of a €34m (C$50m) Series B equity funding round with follow-on investments from bp Ventures, Eversource Energy and Vickers Venture Partners, and Chubu Electric Power concurrently converted its debenture. Eavor develops the Eavor-Loop, a closed-loop subsurface radiator that circulates a benign working fluid isolated from the environment to collect geothermal heat by conduction. The company positions the technology as the world’s first truly scalable form of clean, dispatchable, baseload-capable and flexible power. In 2022 Eavor completed the Eavor-Deep™ demonstration in New Mexico, drilling a two-leg multilateral well to 18,000’ TVD and ~250°C and achieving key technical and operational milestones. Eavor says those results, together with prior proof of concept at the Eavor-Lite™ site in Alberta, validate the elements required to construct and operate commercial Eavor-Loops. The company has a stated goal of reaching sub US$60 per megawatt-hour costs and enabling widespread global scalability. Eavor has received equity support from a range of energy and venture investors, including bp Ventures, Vickers Venture Partners, BDC Capital, Temasek, Chevron Technology Ventures, BHP Ventures, Helmerich & Payne, Precision Drilling and Chubu Electric Power. The recent disclosed financings include a CAD$10M follow-on from bp Ventures and additional equity from Helmerich & Payne. Eavor Technologies commercializes the Eavor-Loop™, a completely closed-loop geothermal system that circulates a benign working fluid through a large subsurface radiator to collect heat via conduction. The design avoids conventional geothermal exploration risk by relying on conduction rather than resource-dependent reservoirs, aiming to provide long-term, predictable, and dispatchable baseload power. Eavor positions the technology as highly scalable and independent, suitable for global deployment and local energy autonomy. The company is moving into first projects and a global commercialization phase and says strategic partners will be important in that transition. Eavor has received equity support from multiple global energy and investment partners, which it cites as endorsements of its commercialization strategy. The article does not disclose revenue, user, or other operating metrics. Eavor Technologies builds and commercializes Eavor-Loop™, a closed-loop geothermal system that circulates a benign working fluid through subsurface wellbores to harvest the Earth’s natural heat and generate zero-emission dispatchable power. The technology is described as a ‘‘go anywhere’’ scalable solution that can function as both baseload power and a form of energy storage complementary to wind and solar. Eavor says its system can directly replace traditional baseload sources such as coal and nuclear because of its consistent heat harvesting. The company completed a USD$40 million (CAD$50.7 million) funding round to support commercialization and to scale its project pipeline. Proceeds will also bolster ongoing R&D aimed at driving Eavor-Loop’s cost down to universally competitive levels. Eavor has stated a goal to power the equivalent of 10 million homes by 2030 and is headquartered in Calgary, Alberta.