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The state of cleantech venture capital in Canada

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Webinar
  • Oct 6, 2026
    12:00-1:00 PM EDT
  • Virtual

A new report from the Institute for Sustainable Finance reveals trends in funding for the technology startups that are key to Canadian innovation and climate goals, from early-stage development of nascent technologies such as nuclear fusion, to capital-intensive development of geothermal energy.

Canada is well positioned to lead in this field with geographic and resource advantages that provide a competitive edge. There is strong economic and policy interest in the sector, and we have seen numerous success stories to date. However, ISF’s research shows that cleantech VC financing seems to have recently peaked. Private capital is not mobilized at the scale required to achieve climate and growth targets, and later-stage financing remains inadequate, resulting in lost opportunities for scale.

Join our expert panel as they discuss how to address financing needs and constraints in the sector. They will examine how to create the new venture capital models that will further spark cleantech innovation in Canada, and how we can build the necessary domestic pathways to scale-up financing to help promising firms continue growing in Canada.

Download and read the report, The State of Canadian Cleantech Venture Capital Markets.

Moderator

Yrjö Koskinen

Director of Research, ISF

Yrjö is Director of Research with the Insitute for Sustainable Finance at Smith School of Business, Queen's University and BMO Professor of Sustainable and Transition Finance at the Haskayne School of Business. He served as the Associate Dean of Research and Business Impact from 2017 to 2022 at Haskayne. He has previously been a faculty member at Stockholm School of Economics, Boston University’s Questrom School of Business, and the Wharton School of the University of Pennsylvania. He holds an MSc degree in Economics from the University of Helsinki, and a PhD in Management (Finance) from INSEAD. Prior to his academic career, Yrjö worked as a financial journalist, asset manager and as an economist at the Bank of Finland.

Panel Discussion

Erin Madro

Principal, Head of Energy, Evok Innovations

Erin Madro is a champion for sustainable energy solutions, driving transformation in the energy industry through early investments in groundbreaking companies. As Principal and Head of Energy at Evok Innovations, a venture capital firm with over $500 M AUM dedicated to industrial decarbonization, Erin leverages over a decade of business strategy and operations expertise in large-cap energy companies to support investments in alignment with Evok’s mission to create a cleaner, more sustainable future. Erin is a director on the Boards of SensorUp and ARIX Technologies. She is a board member of Canada’s Cleantech Alliance, an advisory board member of the UCeed Energy Fund, and a mentor for early-stage founders in the Creative Destruction Lab’s Energy Stream. Her academic background includes a bachelor’s degree in Chemical & Biological Engineering from the University of British Columbia (2013) and an MBA from the Haskayne School of Business at the University of Calgary (2020). She holds a P.Eng and is registered as a member of APEGA. Her contributions to the industry have earned her recognition as one of Canada’s Top 50 “Changemakers” in business by the Globe & Mail.

Apoorv Sinha

Co-Founder and President, Carbon Upcycling

Apoorv Sinha is the Co-Founder and President of Carbon Upcycling, a leader in carbon and waste utilization. Under his tenure, Carbon Upcycling has partnered with three of the ten largest cement producers globally and expanded its carbon capture and utilization technology across North America and Europe. The company is a Carbon XPrize X-Factor award winner, a recognized Global Cleantech 100, and a Reuters top 100 Innovator leading the global energy transition. Apoorv is a Forbes 30 Under 30 Energy awardee, a Clean 50 Honoree, and has served on the ACTia (Alberta Cleantech Industrial Alliance) Board of Directors. He holds a Bachelor of Science degree in chemical engineering from the Georgia Institute of Technology.ip. 

Zoltan Tompa

Partner, Team Lead, Climate Tech Fund II, Business Development Bank of Canada (BDC)

Zoltan is a Partner and Team Lead for BDC Capital’s $500M Climate Tech Fund II. In this role, he leads a team of investment professionals, helps set strategy and manage the investment process, and serves on the boards of several portfolio companies. Zoltan joined BDC in 2016, where he played a key role in designing and implementing the Cleantech Practice and launching its first $600 million fund in 2018, followed by the $500M Climate Tech Fund in 2022. Before joining BDC, Zoltan spent 11 years at SDTC, overseeing a national team that mobilized follow-on investments, facilitated commercial partnerships, and enhanced market access for SDTC portfolio companies. He assessed over 1,000 investment opportunities and was directly involved in over $350 million of investments. Earlier in his career, Zoltan was the first non-founding employee at the venture-backed software start-up Infotriever where he was instrumental in building the team, designing and launching a B2B SaaS and securing its first large enterprise customers. He also served as a Product Manager for a $2B+ small business credit portfolio at CIBC and worked as a Sales Engineer at CRS Robotics, which was later acquired by ThermoFisher.

Peter McArthur

Chair, Ontario Clean Technology Industry Association (OCTIA); Chair, Canada Cleantech Alliance (CCTA); Senior Advisor, Fort Capital Partners (Fort)

Peter McArthur is a seasoned cleantech expert, based in Ottawa, Ontario. He is a Senior Advisor at Fort Capital Partners (Fort). He is also Founding Chair of the Ontario Clean Technology Industry Association (OCTIA) and Chair of the Canada Cleantech Alliance (CCTA). Peter retired from the Royal Bank of Canada in June of 2024 where he was VP, National Cleantech Lead with RBCx. He is a keen supporter of the cleantech sector in Canada, a subject matter expert and a thought leader in the space. Peter is a graduate of the University of Toronto, has completed an Executive Program at Queens University and holds a Certificate in Carbon Finance.  Peter was recognized as a cleantech leader by the Clean 50 in Canada, for 2019 and for the Cleantech Team Award at Fort Capital Partners in 2025.  He has also been recognized by RBC in both 2017 and 2020 as a Conference Award winner for the top 1% of performers at the Bank and in 2021 was recognized as a Leo Award winner for the top .1% of performers.