Emissions Reduction Alberta (ERA) and Business Development Bank of Canada (BDC) have signed a Trusted Partner Memorandum of Understanding (MOU). The agreement aims to streamline support for innovators through easier access to multiple streams of funding and support.
“This partnership is another example of how funding agencies are aligningto attract new investment to Alberta. It gives entrepreneurs and innovators access to the right support, at the right time, giving them more time to focus on developing ideas and technology solutions, rather than filling out applications,” said Steve MacDonald, ERA CEO. “We are pleased BDC has joined the growing list of ERA’s trusted partners.”
BDC’s Cleantech practice is nicely aligned with ERA’s Technology Roadmap. BDC tailors its investments towards high-potential cleantech companies with market-ready technology or products and proven potential to scale.
“BDC is pleased to partner with Emission Reduction Alberta to develop a strong collaboration to help innovative GHG-reducing projects secure the financing they need. We understand the unique challenges and opportunities facing the cleantech industry. Opportunities abound for Canadian Cleantech firms in Alberta and BDC’s Cleantech practice is there to help them meet the capital-intensive needs of scaling and achieving timely growth and move to the global stage,” says Susan Rohac, Vice-President Cleantech Practice at BDC.
ERA’s call for proposals process is effective and efficient for evaluating multiple opportunities, comparing project impacts side-by-side. However, the scope and timing of ERA’s call for proposals could result in missed opportunities for significant GHG reductions. The Partnership Intake Program allows ERA to consider funding promising technologies outside its traditional call for proposal process, allowing for ongoing opportunities to fund innovative GHG-reducing projects brought forward by Trusted Partners. The process allows agencies to leverage funds and make it easier for innovators to navigate the innovation ecosystem.
Trusted partners are funding organizations with rigorous, fair and transparent processes comparable in principle to ERA’s. It helps ease the administrative burden for innovators to apply and get funding; time and money better spent developing clean technologies businesses need. ERA currently has 11 Trusted Partner agreements.
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