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Investment Firm Closes CAD$100 Million for Cleantech Fund

March 2, 2021


As reported by Betakit, Mackinnon, Bennett & Company (“MKB”), a Montreal-based private investment firm that specializes in sustainable development, has closed CAD$100 million for its MKB Partners Fund II, LP (the “Fund”). The Fund has a CAD$150 million target and is MKB’s second growth equity fund. The round was led by the Business Development Bank of Canada, Caisse de dépôt et placement du Québec, and Investissement Québec. Other investors included Fonds de solidarité FTQ, Fondaction, Vancity, and a group of undisclosed prominent family offices and investors.

MKB intends to use the Fund to invest in late-stage companies that are focussed on clean technology, namely the decarbonization and electrification of energy and transportation. According to The Globe and Mail, the Fund will make investments of CAD$10-20 million per company and will make investments across Canada, the United States, and Western Europe.

The Fund has already participated in AddÉnergie’s CAD$53 million Series C Round and Ample’s US$35 million Series B Round. AddÉnergie is a charging network operator for electric vehicles and a provider of smart charging software and equipment. Ample utilizes autonomous robotics and smart-battery technology to address the energy delivery challenge for electric transportation. Both of these investments build on MKB’s previous investments in the technology and renewable energy sectors, including in Potentia Renewables, Communauto, and Miovision.

Author: Andrew Patel


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