Cycle Capital and Demeter announce first close for new Circular Innovation Fund to scale breakthrough circular solutions

Supported by strategic investor L’Oréal, Circular Innovation Fund aims at scaling growth stage circular innovations and business models across various sectors

Montreal and Paris, April 21, 2022 – Cycle Capital et Demeter, leading cleantech-focused capital managers, announced today ahead of Earth Day the successful first close for its new US$160M – €150M Circular Innovation Fund (CIF) with participation of anchor investor L’Oréal.

With this fund, the managers join their resources to scale circular, sustainable and profitable growth stage solutions from North America, Europe and Asia that positively contribute to climate change mitigation and circular use of resources across various sectors including new materials, packaging, recycling & waste, logistics, eco-efficient processes & design. The fund will capitalize on the managers’ experience of investing in venture, private equity and infrastructure in cleantech to the growing need for market-ready solutions to convene capital towards talented entrepreneurial teams that are deploying those innovations.

CIF is an impact innovation fund classified as Article 9 under the EU’s Sustainable Finance Disclosure Regulation. The fund’s robust, reliable and innovative impact measurement methodology integrates due diligence and continued monitoring on critical non-financial KPIs including greenhouse gas emissions reductions, resource use and diversity over the investment horizons of portfolio companies. The fund managers’ compensation is also aligned on the achievement of a selection of pre-determined impact goals.

Anchor investor L’Oréal is contributing €50M through its L’Oréal for the Future sustainability program. The fund also benefits from a broad range of investors including, strategic investor Axens, family offices including Haltra and Claridge, as well as private investors and the managers.

  • “In a context of “it is now or never” as the last IPCC report said, private companies such as L’Oréal, have an increased role to play in supporting solutions which are critical for the future of our planet and humankind. At L’Oréal we believe that Impact investment is a powerful tool to tackle the biggest environmental issues and accelerate the necessary green transition. With the Circular Innovation Fund, we are joining forces with other committed actors to scale circular and profitable solutions for sustainable growth.” – Alexandra Palt, Chief Corporate Responsibility Officer and CEO of the Fondation L’Oréal.
  • “Axens is deeply involved in the development of advanced processes and solutions for the circular economy of goods and materials, including plastics – with our Rewind® family processes – and metals. In order to accelerate the emergence of a circular economy worldwide, innovation is required all along the value chain of those goods and materials. The Circular Innovation Fund, with renowned partners coming from different horizons, will be a powerful tool to support this innovation growth, and we, at Axens, are glad to be part of it.” – Jean Sentenac, Chairman and CEO, Axens.
  • “We are enthusiastic about joining Cycle Capital and Demeter, two leading investors in the ecological transition, with a global presence and activity in North America, Europe and Asia. Our investment is a strategic component of our impact investing program flowing from our responsible investment policy. The Fund will allow Claridge to make investments in circular economy solutions and to participate in both return potential and contribution to global environmental health.” – Pierre Boivin, President and CEO, Claridge Inc.
  • “As a family investment firm focused on managing assets and having a positive impact, we promote the emergence of disruptive and sustainable economic models for future generations. We are delighted to participate to this new fund in the Circular Economy, one of our core investment themes. We have known Demeter for many years and are pleased to partner with Cycle Capital and L’Oréal in this field” – Matthieu Baumgartner, Co-Founder, HALTRA.
  • “We are beyond thrilled to announce the first closing of the Circular Innovation Fund, which comes at a pivotal point in the global supply chain crunch and, most importantly, has the potential to drastically re-design how we extract, manufacture, consume and dispose of goods and materials. In light of the new IPCC report, a transition to renewable energy is not enough to solve some of the most pressing challenges humanity faces. We also need to tackle carbon emissions generated by the goods we consume with innovation-driven technologies developed by talented entrepreneurs” – Andrée-Lise Méthot, Founder & Managing Partner, Cycle Capital.
  • “The joint-venture formed by Cycle Capital and Demeter platforms represents the perfect match for the Circular Innovation Fund investment strategy. Our dedicated team benefits from our undisputed expertise in ecological transition and circular economy, our international footprint and our track records as well as our best-in-class impact knowhow.” – Stéphane Villecroze, Co-founder & Managing Partner, Demeter.

Led by Benoit Forcier and Mathieu Goudot, with the support of Adeline Kempf and Maya Hassa as well as the firms’ back-office, the team brings decades of combined skill set of entrepreneurial, operating and investing expertise and experience in the cleantech sector.

Investments in early-stage VC funds

Consecutive to the first close, CIF announces indirect investment in two early-stage funds focused on circular innovation – U.S.-based Closed Loop Venture Fund II and European Circular Bioeconomy Fund (“ECBF”).

  • • Founded in 2014, Closed Loop Partners is a New York-based investment firm, comprised of venture capital, growth equity, private equity and catalytic capital, as well as an innovation center focused on building the circular economy. The firm’s venture capital arm, Closed Loop Ventures Group, launched in 2017 with one of the first venture funds dedicated to investing in disruptive, early-stage companies developing breakthrough solutions to accelerate the transition to the circular economy. In 2021, the Group launched its second venture fund to build on this strategy. To date, the team has made 30+ investments across both funds, targeting strong, early-stage venture returns.
  • ECBF is the first venture fund exclusively dedicated to investing in growth-stage companies in the European bioeconomy, including the circular bioeconomy. The fund aims to make sustainable investments in our future and speed up the shift from a fossil-based to a bio-based economy. Thus, ECBF backs up businesses with high potential for innovation, favorable returns, and sustainable impact.

CIF will also sponsor a global acceleration program through a partnership with Cycle Momentum. The program will offer support for startups at the Seed/Series A stage with cohorts across Europe, North America and Asia over 3 years.

CIF’s investment team is actively evaluating a rich pipeline of investment opportunities and welcomes inquiries and collaboration with entrepreneurs and co-investors.

Circular Innovation Fund The Circular Innovation Fund (“CIF”) is a global growth stage venture capital fund focused solely on circular innovation. It is a joint venture between leading cleantech capital managers – Montreal-based Cycle Capital and Paris-based Demeter. The fund invests in growth-stage companies from North America, Europe and Asia developing breakthrough new materials, circular packaging, recycling and waste innovations, logistics, as well as eco-efficient processes & design, and circular business models. For more information on the Circular Innovation Fund, visit: circularinnovationfund.com.

Cycle Capital Cycle Capital is an impact investor and leading private cleantech venture capital investment platform with $600 million under management. With offices in Montreal, Toronto and Qingdao, mainland China, and a presence in New York and Seattle, Cycle Capital invests across North America and China in growing and commercializing companies that have developed technologies aimed at reducing greenhouse gas emissions and optimizing resources and processes. Cycle Capital is the founder of Cycle Momentum Accelerator and Canadian co-chair of the Beyond the Billion initiative – an international campaign to mobilize a consortium of investors who support female founders. For more information on Cycle Capital, visit: www.cyclecapital.com .

Demeter

Demeter is a major European investment platform dedicated to ecological transition. Demeter has over €1 billion under management and carried out 200 investments since 2005. It invests €1m to €30m to support companies at all stages of development: innovative startups, high growth SMEs and infrastructure projects. Its team of 38 is based in Paris, Lyon, Bordeaux, Grenoble, Metz, Madrid and Düsseldorf. Demeter is a responsible and committed investor, signatory of numerous initiatives such as PRI (Principle for Responsible Investment), CDP (Carbon Disclosure Project), iC20, The Shift Project, and initiatives for gender diversity. All new Demeter funds are classified “Article 9” under the framework of the new European Sustainable Finance Disclosure Regulation (SFDR). For more information on Demeter, visit: www.demeter-im.com.

L’Oréal

For over 110 years, L’Oréal, the world’s leading beauty player, has devoted itself to one thing only: fulfilling the beauty aspirations of consumers around the world. Our purpose, to create the beauty that moves the world, defines our approach to beauty as inclusive, ethical, generous and committed to social and environmental sustainability. With our broad portfolio of 35 international brands and ambitious sustainability commitments in our L’Oréal for the Future program, we offer each and every person around the world the best in terms of quality, efficacy, safety, sincerity and responsibility, while celebrating beauty in its infinite plurality.

With 85,400 committed employees, a balanced geographical footprint and sales across all distribution networks (e-commerce, mass market, department stores, pharmacies, hair salons, branded and travel retail), in 2021 the Group generated sales amounting to 32.28 billion euros. With 20 research centers across 11 countries around the world and a dedicated Research and Innovation team of 4,000 scientists and over 3,000 tech professionals, L’Oréal is focused on inventing the future of beauty and becoming a Beauty Tech powerhouse. More information on L’Oréal, visit: loreal.com/en/mediaroom.

CONTACT
Catherine Bérubé Circular Innovation Fund
[email protected]

+1-514-629-1022

Benoit Forcier, Senior Partner, returns to Cycle Capital after four years in the Cleantech Practice at BDC

Montreal, April 6, 2022 – With excitement and open arms, Cycle Capital welcomes Benoit Forcier back to the Cycle Capital family, where he will be leading Where he will be leading a new international fund. Benoit brings 27 years of experience in corporate finance, venture capital and business development, including 15 years of technology and venture capital investing throughout Ontario, Quebec, Atlantic Canada, and the U.S.

Benoit returns to Cycle Capital after four years at BDC as part of the Cleantech Practice where he played an instrumental role in supporting high-impact cleantech companies to successfully scale and advised them on fundraising, operations and strategy.

Before joining BDC, Benoit was a Partner at Cycle Capital, where he was the investment lead and board member of six portfolio companies across three funds. Before that, he was VP of Investment at Innovacorp, Nova Scotia’s crown corporation in early-stage venture capital. In his role, Benoit managed the VC fund, sourced angel and institutional co-investors, and led the creation of a new early-stage regional venture capital fund. Benoit started his career in the telecom sector with BCE Inc., followed by Telesystem International Wireless. His responsibilities included business development, venture and corporate investment, strategic alliances and risk and treasury management.

“Benoit brings years of experience in venture capital and cleantech. We’re excited to have him come back to the organization to lead a new initiative very dear to us, which will be announced shortly.” – Andrée-Lise Méthot, founder & managing partner

Benoit holds a Bachelor of Commerce in Finance, and he also completed graduate studies in Finance in the Master of Science program at Concordia University. Dedicated to applying his experience gained across multiple industries to help strengthen the cleantech sector from its base in Canada, Cycle Capital is excited to, once again, count on Benoit in our mission of scaling impactful innovation.

Cycle Capital Pioneers Impact & ESG Reporting in Venture Capital

As an impact investor and leading cleantech venture capital investment platform, we’re excited to share our 2020–2021 Impact and ESG report. This first report, which measures Cycle Capital portfolio companies’ impact, is a pivotal data asset in our mission to empower entrepreneurs, investors, and companies to find innovative solutions to the major ecological challenges facing humanity. Our efforts are a work in progress, but we hope that this report will have a snowball effect on our industry.

Read the full article on Medium and consult our Impact and ESG Report on our impact page.

Claude Champagne returns to Cycle Capital as technology leader

Cycle Capital – a leading cleantech venture capital platform – once again welcomes Claude Champagne to the team as Technology Lead.

Claude Champagne, an experienced entrepreneur, will be advising the investment team and its portfolio companies on strategy and business development. He re-joins Cycle Capital following a brilliant career in technology development and commercialization, and corporate leadership of high-tech companies. After 12 years at Nortel Networks, he joined Positron Industries as VP Engineering and Strategic Planning. He then founded PFS (Positron Fiber Systems Corp), a leading producer of fiber optic equipment for the telecommunication market. The business grew rapidly under Claude’s leadership and vision, reaching $100M in global annual sales in merely five years and successfully completing a cross-border IPO (NASDAQ, TSX and MSE). Through later acquisitions, he was named VP Transport Systems for RELTEC Corp. and then led the Optical Networks North America subsidiary for Marconi PLC.

In addition to serving on numerous boards and committees, he mentored countless high-tech startup companies, including LxDATA, for which he became CEO. In his function Claude transformed the company from a telecom components commodity supplier into a successfully integrated solution provider of downhole sensors for the Oil & Gas industry. He also previously worked with Cycle Capital as entrepreneur in residence.

“We are very pleased to welcome Claude back to our team. His experience in scaling technologies and his deep comprehension of the challenges faced by companies in the commercialization phase make him an invaluable resource for our portfolio companies and our team.” – Andrée-Lise Méthot, Founder and Managing Partner at Cycle Capital

In recognition of his remarkable work, Claude was awarded Canada’s prestigious and inaugural National IWAY Award in 1996 for product development contributing to the country’s information highway. In 1999, he received the award for top 40 Canadians under 40 and was featured as a success story in the CVCA (Canadian Venture Capital Association) report. He graduated with Distinction in 1981 from McGill University with an Honors B. Electrical Engineering degree.

Manuelle Côté joins Cycle Capital

Cycle Capital, an impact investor and leading cleantech venture capital investment platform, welcomes Manuelle Côté to the team. As Project Manager, Communications & Marketing, she will lead Communications & Marketing efforts across the Cycle Capital platform.

Prior to joining Cycle Capital, Manuelle worked as a venture manager at the Creative Destruction Lab, a seed-stage program for massively scalable, science-based companies. She worked closely with startups that leverage artificial intelligence and data science to solve problems along supply chains. As a former alpine skier, she recognizes that personalized, targeted mentorship is equally valuable to entrepreneurs as it is to athletes.

Manuelle spent most of her early career dividing her time between Calgary, Vancouver, and Mountain View while working in tech. She worked for a global educational publisher and learning tech company before joining the leadership team at Filld, a VC-backed fuel startup based in Silicon Valley, in a marketing & partnership role.

“We are excited to welcome Manuelle to the great team at Cycle Capital. Her experience working closely with entrepreneurs will be valuable to our organizations.” – Andrée-Lise Méthot, Founder & Managing Partner at Cycle Capital

Manuelle studied Public Relations at the University of Calgary and Innovation & Entrepreneurship at Stanford University before completing an MBA from HEC Montréal, where she received a leadership scholarship for her work on diversity and sustainability in organizations.

Cycle Capital’s 2021 Year in Review

2021 was a pivotal year for Cycle Capital Management from all fronts. Cycle Capital is starting the new year with a fresh look that reflects our professionalism in the financial sector, our commitment to actions against climate change, and ultimately, our ambitious endeavour to scale impactful innovation.

Ringing the IPO Bell with ESS Inc. (NYSE: GWH)

One of the proudest moments in venture capital is helping a startup through its early growing pains to an initial public offering. The team completed the going public transaction of ESS Inc. via SPAC on the New York Stock Exchange under the ticker GWH with investors such as Fidelity, Breakthrough Energy Ventures, SoftBank Energy and BASF.

We’ve also finalized the exit of Laboratoire M2 in 2021. Lab M2 sells biodegradable, high-performance and safe antimicrobial products for the animal health, agricultural crop protection and surface cleaning.

New Investments

In 2021, Cycle Capital’s portfolio companies raised eight rounds of financing totaling $260M. Notable rounds include a round of $150M US in Gan Systems led by Fidelity, Vitesco, BDC, and numerous other partners who took part.

Gan Systems and Partners tackle the Net Zero Challenge

We’ve added Mysa, a new company from the Maritimes to the portfolio with a $20.3M round led by Cycle Capital and joined by Round13, EDC and BDC. The Canadian smart-thermostat venture received growth financing to support its goal of decarbonizing domestic heating and cooling globally.

Mysa Announces $20.3 Million in Series B Fundraising

The People Behind Cycle Capital

At Cycle Capital, our team is our strength. In 2021, we promoted three of our valued team members, and we welcomed eight new employees to our diverse and gender-neutral team of 27.

Promotions

New members

Making an Impact

At Cycle Capital, we don’t believe in half measures, which is why we have invested in implementing tools to monitor ESG and impact metrics. To this effect, we’ve integrated the impact evaluation in the quarterly reporting of our most recent fund. We have also recruited a new resource, Alia Drouin, which, in collaboration with the investment team, supports our companies in monitoring their non-financial performance.

Diversity is important at Cycle Capital as a driver for creativity and innovation. Our portfolio companies count 29% women at the senior management level and 22% at the employee level, including senior management and 31% of visible minorities.

Cycle Momentum

This year, Cycle Momentum tripled its team and doubled the number of companies accelerated, moving from 10 to 20, totaling to more than 75 ventures accelerated since 2015. Graduated companies have raised, altogether, $78M in dilutive and dilutive financing in 2021.

Cycle Momentum also launched its first Open Innovation platform in collaboration with InnovHQ in the greenhouse sector. The accelerator also launched two other impact programs in partnerships with ZoneAgtech and L’esplanade, because together, we can make They also forged ten corporate partnerships to grow the cleantech ecosystem actively and launched the Circle of Partner Funds, which now regroups 15 members that are investing in cleantech.

Bleu Impact Fund

2021 also marks the inception of the BleuImpact Fund — a $20M fund dedicated to innovative water technologies lead by our Senior Partner Simon Olivier.

Cycle Central

We launched Cycle Central, a non-profit entity to create an Innovation Zone dedicated to clean technologies. Based in Montreal, Cycle Central is an innovation hub and community of entrepreneurs, researchers, investors and industrial partners dedicated to deploying innovative solutions to the major environmental challenges facing humanity.

GaN Systems and Partners tackle the Net Zero Challenge

  • Cleantech investors join Automotive EV leaders in $150M Growth Funding
  • Strategic investors using GaN to build electrification platforms delivering breakthrough levels of power efficiency

OTTAWA, Canada – GaN Systems, the global leader in GaN (gallium nitride) power semiconductors, today announced its growing ecosystem of partners collaborating to address the Net Zero Challenge to neutralize emissions of carbon dioxide (CO2) and other greenhouse gases by accelerating the global sustainability and cleantech revolution.

Efficient power generation, distribution and conversion are key factors in driving sustainability and reducing emissions.  Since GaN is inherently more efficient than Silicon and Silicon Carbide, any power conversion equipment maker designing with GaN contributes to a greener planet.  The highest paybacks come from implementing GaN at the biggest sources and uses of power. Factory and industrial motors are one of the biggest users of electricity. With GaN in their motor drives, Siemens is, “now able to increase the efficiency of the drives,” says Christian Neugebauer, Siemens’ product manager for the Micro-Drives. “With GaN, Siemens can switch to a higher frequency, thereby enabling a faster motor response time compared with high-voltage drive systems.” And, as we all use more data in our video-watching, picture-sharing, online gaming and music-streaming, GaN is implemented in more and more power supplies in the data centers, reducing power losses by 50% and increasing power densities.

In power generation, Enphase Energy recognizes the importance of GaN for inverter design with higher efficiency and 50% increase in power density.  In addition to ensuring the source power is clean, Enphase is also reducing consumption of scarce natural resources. With GaN’s ability to operate power systems at higher powers and in smaller sizes, use of copper, plastic and other materials is greatly reduced.

In consumer devices, GaN Systems partners are also making step-function improvements in efficiency and using less materials in their products.  Dell and Harman are taking the lead here.  Not only did Harman reduce the size of its chargers and use less material in their manufacturing, Harman took the extra step of using 90% recycled plastic in its products.

Investors see GaN technology as an essential weapon in the fight against climate change.  Long-time investors in GaN Systems who participated in the $150 million growth round and who are also leaders in Cleantech include Business Development Bank of Canada (BDC), Cycle Capital, Export Development Canada (EDC) and BMW iVentures. New investors in the round include Fidelity Management & Research Company LLC, who led the round, as well as USI, Vitesco Technologies, Dockyard Capital Management, GSR, and HG Semiconductors.

“As a long-time investor in GaN Systems, we have always seen the potential for GaN to empower customers to deliver on the Net Zero promise,” said Andrée-Lise Méthot, Founder and Managing Partner of Cycle Capital.  “We have been particularly impressed with the company’s leadership in reliability and efficiency, which is evidenced in industry leaders choosing GaN Systems for their next generation power needs.  We will continue to support the company as it delivers on its mission and look forward to seeing continued positive impact on sustainability from GaN’s continued success.”

“Interest in the round was strong from the beginning,” said Chris Zegarelli, CFO of GaN Systems.  “We saw a range of investors, from strategic partners looking to deepen long-standing relationships to new investors recognizing our technology leadership and seeing the inherent sustainability benefits of GaN.”

“GaN Systems’ gallium-nitride semiconductors represent a key enabling technology for the clean energy transition. GaN brings about important efficiency and performance gains in electric vehicles and renewable energy systems. This technology will also help to significantly reduce energy consumption in data centers and in millions of consumer electronic devices,” said Zoltan Tompa, Managing Director of BDC Capital’s Cleantech Practice. “As a long-time investor in GaN Systems, BDC Capital is pleased to increase its support for this high impact Canadian clean technology company.”

Jim Witham, CEO at GaN Systems, said, “We saw strong interest and support from strategic partners in this round.  Our collaboration with Vitesco and USI will enhance our leadership in GaN for electric vehicles.  Our partnership with GSR will enable us to drive growth in China across multiple target markets.  These partnerships build on long-standing collaboration with BMW, Toyota, Siemens and others to continue to drive momentum in GaN across our target markets.  We at GaN Systems are all looking forward to working with these great companies to proliferate GaN across automotive, consumer, enterprise and industrial markets.”

 

About GaN Systems

GaN Systems is the global leader in GaN power semiconductors with the most extensive transistors portfolio that uniquely addresses the needs of today’s most demanding industries, including consumer electronics, data center servers, and power supplies, renewable energy systems, industrial motors, and automotive electronics. As an industry-leading innovator, GaN Systems makes it possible to design smaller, lower cost, more efficient power systems. The company’s award-winning products provide system design opportunities free from the limitations of yesterday’s silicon. By changing the transistor performance rules, GaN Systems enables power conversion companies to revolutionize their industries and transform the world. For more information, please visit: www.gansystems.com or on Facebook, Twitter and LinkedIn and scan this QR code for our WeChat.

 

Media Contact:

Mary Placido

Trier and Company for GaN Systems

Email: [email protected]

A new brand identity that reflects our ambition

Scaling impactful innovation in clean technology requires leadership and collaboration. With a shared desire to see tomorrow’s companies grow today and with the goal of making a greater impact on society, the members of the innovative Cycle Capital family – Cycle Capital Investment, Cycle Momentum, and Cycle Central – have decided to more clearly express their collaboration and history by unveiling a unique brand image:

Since Cycle Capital’s inception in 2009, our team has been actively contributing to the development of a fostering ecosystem for clean technology. As we enter an era of economic decarbonization and inclusivity, the time has come to affirm our beliefs through a new brand image that demonstrates our organizations’ shared approach. We continue to convene even more partners to collaborate with us in scaling a green economy that addresses humanity’s most important ecological challenges.

The launch of this new brand energizes the entire team and launches a new chapter for the growth and impact of our business that is aligned with the next phase of development of our international impact investing platform and global cleantech innovation engine.

Andrée-Lise, Patrick, Catherine

MYSA ANNOUNCES $20.3 MILLION IN SERIES B FUNDRAISING

CANADIAN SMART THERMOSTAT COMPANY SECURES GROWTH FUNDING IN MISSION TO DECARBONIZE GLOBAL HOME HEATING AND COOLING

St. John’s, NL — NOVEMBER 3, 2021 — NL-based smart thermostat company Mysa announced today the closing of a $20.3 million Series B equity funding round led by Cycle Capital. Co-investor Round13 Capital, through its Earth Tech Fund, joins the mission-focused syndicate, including Climate Innovation Capital and BDC’s Cleantech Practice, as well as existing investors Export Development Canada and Killick Capital.

The funding will support Mysa’s mission to fight climate change through the continued development of market-leading energy efficiency hardware and software, the creation of future-focused Demand Response solutions for electrical utilities, and the expansion of Mysa’s marketing and distribution channels on an international scale.

“We have been tracking Mysa closely for the past several years and have been impressed with the adoption rate of their products by consumers and the impact their smart thermostats have on climate change. Mysa’s ability to innovate and bring new products to market in high growth sectors has been a recipe for success and we look forward to supporting them along their journey. We are also excited to collaborate with Round13 who worked closely with us during the diligence period and offer extensive expertise in the consumer space,” said Andrée-Lise Méthot, Founder and Managing Partner of Cycle Capital.

“Mysa is leading the high voltage thermostat market, having built an impressive Baseboard product and extending that leadership to In-Floor Heating and Air Conditioning,” said Craig Strong, Partner at Round13 Capital. “We are seeing a dramatic shift in attitudes where consumers, governments, and utilities are no longer willing to accept energy waste, and recognize Mysa’s ability to not only help the environment but generate meaningful savings at the end of every month. Consumers are also increasingly looking to round out their smart home, and the Mysa Smart Thermostat is a must have.”

“Working with groups like Cycle Capital and Round13 who share our vision and values related to creating a low carbon future is a huge milestone in Mysa’s growth. With their extensive experience in the energy efficiency and demand response sector as well as broad experience in the consumer space, Cycle Capital and Round13 bring a lot of value to the table. This significant investment will help us empower homeowners to reduce their energy consumption. It will help us continue to grow our local and provincial economy through job creation and skill retention in our booming tech sector. It furthers our mission to create innovative solutions based on the electrification of heating and cooling, that will help the energy systems of tomorrow move toward decarbonization,” said Josh Green, Co Founder and CEO of Mysa.

About Mysa

Mysa’s mission is to fight climate change by creating energy-efficient smart thermostats for electric home heating and cooling. A leading employer in the tech sector in Eastern Canada and a rising star in the smart energy product industry in North America, Mysa’s diverse, Newfoundland and Labrador-based team is growing rapidly, as is their ecosystem of energy-saving smart thermostats for electric heating and cooling. Keep watching Mysa in 2021 and beyond as they make change comfortable by helping customers save energy and reduce their electricity bills.

To learn more about the company, visit getmysa.com

Cycle Capital 

Cycle Capital is an impact investor and a leading private cleantech venture capital investment platform with $ 0.5 billion under management. With offices in Montreal, Toronto and Qingdao, mainland China, and a presence in New York and Seattle, Cycle Capital invests across North America and China in growing and commercializing companies that have developed technologies aimed at reducing greenhouse gas emissions and optimizing resources and processes. Cycle Capital is the founder of Cycle Momentum Accelerator and Canadian co-chair of the Beyond the Billion initiative – an international campaign to mobilize a consortium of investors who support female founders.

To learn more, visit www.cyclecapital.com

About Round13 Capital

Round13 Capital is a Toronto-based venture capital firm that invests in growth-stage technology businesses. The firm is managed by experienced investors and operators. It uses a disciplined investment approach to identify exceptional entrepreneurs running companies with market leadership potential. Round13 works hands-on with its portfolio companies to unlock strategic and financial value.

To learn more, visit round13.com

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For more information or to request an interview, please contact Jillian Thorne at [email protected]

Cycle Capital portfolio company ESS Inc. begins trading on the NYSE

Cycle Capital’s team congratulates ESS Inc, a portfolio company and leader in long-term energy storage solutions, on its public offering. ESS Inc. shares, through a SPAC merger with ACON S2, began trading today on the New York Stock Exchange (NYSE:GWH). According to ESS Inc.’s public statement, the transaction is primarily comprised of more than $308M US of pro forma net cash which will be used to fund ESS Inc.’s growth strategy.

Cycle Capital has been involved in the development of ESS Inc. since 2017, alongside investors such as BASF, Breakthrough Energy Ventures, Softbank Energy, Pangaea Ventures, Presidio Ventures, GC Ventures, Evergy and others.

“When we back an entrepreneur, it’s because we believe they have the potential to change the world. It was this belief that led Cycle Capital’s team to back ESS Inc. co-founders Craig Evans and Julia Song, as well as its President and CEO Eric Dresselhuys. ESS Inc.’s long-duration energy storage solution is the cleanest and most cost-effective on the market and its benefits are undeniable. We are very excited to continue to support the company in its next phase,” said Andrée-Lise Méthot, Founder and Managing Partner of Cycle Capital.

“Cycle Capital’s team has been key to ESS development. They understand that investing in cleantech companies can impact the creation of a sustainable energy future that we all envision. For over four years they have supported us with fundraising and team development,” said Craig Evans, ESS Co-founder and President.

 

About Cycle Capital
Cycle Capital is an impact investor and a leading private cleantech venture capital investment platform with $ 0.5 billion under management. With offices in Montreal, Toronto and Qingdao, mainland China, and a presence in New York and Seattle, Cycle Capital invests across North America and China in growing and commercializing companies that have developed technologies aimed at reducing greenhouse gas emissions and optimizing resources and processes. Cycle Capital is the founder of Cycle Momentum Accelerator and Canadian co-chair of the Beyond the Billion initiative – an international campaign to mobilize a consortium of investors who support female founders.

 

About ESS Inc.
ESS Inc. (NYSE: GWH) designs, builds and deploys environmentally sustainable, low-cost, iron flow batteries for long-duration commercial and utility-scale energy storage applications requiring from 4 to 12 hours of flexible energy capacity. The Energy Warehouse™ and Energy Center™ use earth-abundant iron, salt, and water for the electrolyte, resulting in an environmentally benign, long-life energy storage solution for the world’s renewable energy infrastructure. Established in 2011, ESS Inc. enables project developers, utilities, and commercial and industrial facility owners to make the transition to more flexible non-lithium-ion storage that is better suited for the grid and the environment. For more information, visit www.essinc.com.

 

Information
Catherine Berube
Vice-President, Sustainable Development, Investor Relations and Public Affairs
[email protected]