Cycle Momentum announces the appointment of Jennifer McDonald as Senior Vice President of Investments and Hans Rogg-Desormeaux as Analyst

Montreal, October 26, 2023 — Cycle Momentum, an accelerator and open innovation platform, announces that Jennifer McDonald is joining as Senior Vice President of Investments and Hans Rogg-Desormeaux is promoted to the role of Analyst, to oversee the Origo program, an investment matching program recently launched. 

Jennifer McDonald is an active angel investor and advisor in climate technology. She brings over 20 years of experience scaling businesses for impact, with expertise in market validation, building teams and international expansion.

Before joining Cycle Momentum, she led strategy, product and operations as Chief Operating Officer at Moka Financial Technologies (acquired by MOGO). Jennifer’s earlier career focused on access to finance in emerging markets. She led product development as Director of Strategic Advisory at Women’s World Banking and, as Deputy General Manager in the Procredit banking group, she was responsible for scaling lending to small businesses. 

Jennifer holds an MA in Development Economics from the University of Sussex and a BA (Honours) in Economics and Political Science from Dalhousie University and the University of King’s College.

Jennifer McDonald, Senior Vice President of Investments at Cycle Momentum
Hans Rogg-Desormeaux Analyst at Cycle Momentum

Hans Rogg-Desormeaux brings two years of experience recruiting top climate tech startups to Cycle Momentum’s accelerator and innovation programs. He has provided valuable expertise to build our internal database and tracking system. 

Hans began his journey at Cycle Momentum with an internship as a recruitment and database analyst in 2021. He holds a Bachelor’s degree in Economics and Finance from McGill University and has passed Level 1 of the CFA exam in August 2023. Cycle Momentum is proud of how far he has come, and recognizes his achievements.

“Cycle Momentum is pleased to welcome Jennifer as our new Senior Vice President of Investments. Jennifer’s addition to the team will help Cycle Momentum launch the Origo program and support innovative climate tech startups in Quebec. Her strong background and experience with startups  will also be val-

-uable for entrepreneurs looking to position their venture for growth” said Patrick Gagné, CEO of Cycle Momentum. “Similarly, we are delighted to promote Hans to the role of Analyst in the investment team, where his resourcefulness and analytical skills will contribute strongly to scaling the Origo program”. 

Cycle Momentum

Cycle Momentum is an accelerator and open innovation platform that brings together an international collective of entrepreneurs, investors and innovators. Our mission is to find innovative solutions to the major ecological challenges facing humanity. Member of the Cycle Capital Platform, Cycle Momentum provides entrepreneurs with training workshops, networking sessions and mentoring, and works with leading companies to stimulate technology acquisition and integration. To increase the impact of its programs, Cycle Momentum has brought together several local and international investment funds as part of its Circle of Partner Funds, whose members are involved with participating startups.

Cycle Momentum can count on the financial support of the Gouvernement du Quebec, Cycle Capital, Canada Economic Development for Quebec Regions, Investissement Québec, Export Development Canada, Fasken, PricewaterhouseCoopers and  the TELUS Pollinator Fund for Good.

For more information on Cycle Momentuml, visit here.

Cycle Capital and Cycle Momentum announce the appointment of Catherine Bérubé as Chairperson of the Board of Cycle Momentum

Montréal, October 25, 2023 – Cycle Capital and Cycle Momentum announce the appointment of Catherine Bérubé, Partner at Cycle Capital, as the board’s new Chairperson at Cycle Momentum. Catherine will succeed Andrée-Lise Méthot, Founder and Managing Partner of Cycle Capital, who has chaired Cycle Momentum for the past nine years. 

Catherine Bérubé, Partner at Cycle Capital and new Chairperson of the Board of Cycle Momentum

“Claude Vachet, Patrick Gagné and I are very pleased to see Catherine take on this new role, and she is the ideal person to support  Cycle Momentum’s next phase of growth. She has been instrumental in delivering the new collaboration with the government of Quebec including in crafting the new Origo program.” Having been the Chairperson of the Board at Cycle Momentum for nearly a decade, Andrée-Lise Méthot adds, “I’m leaving with a sense of accomplishment and, above all, of passing on to the next generation an organization that is healthy and well-funded, with a fantastic team and a mission to develop high-quality climatetech entrepreneurs.” 

Patrick Gagné, CEO of Cycle Momentum, said, “Cycle Momentum’s team and Catherine have been working together for many years. We are excited to strengthen our collaboration to help climatetech startups access capital and enable us to scale the acceleration and open innovation programs, as well as the Origo matching funding program, in the years ahead. I’d also like to highlight the scope of Andrée-Lise’s work for the climate technology ecosystem. Without her, the organization’s development would not have been the same, and I would like to thank her on behalf of the entire Cycle Momentum team and the members of our Board of Directors.”

Andrée-Lise Méthot, Founder and Managing Partner at Cycle Capital and Catherine Bérubé, Partner at Cycle Capital and new Chairperson of the Board of Cycle Momentum

Catherine joined Cycle Capital in 2014. Her key responsibilities for Cycle Capital have included managing the firm’s “impact investing” practice, investor relations and public affairs. She also leads Cycle Central – a climatetech Innovation hub. In addition, Catherine sits on the boards of Clean Resource Innovation Network (CRIN) and SWITCH. She is also a Member of CVCA’s Diversity and Inclusion Committee.

Cycle Capital

Cycle Capital is a leading ClimateTech venture capital platform scaling impactful, sustainable innovation. Founded in 2009, Cycle Capital invests across North America, Europe and Asia in growing companies commercializing solutions to the major ecological challenges and contributing to a net-zero transition. Cycle Capital is the founder of Cycle Momentum Accelerator + Innovation Engine. Cycle Capital has developed an ESG and impact assessment methodology integrated into the investment workflow from the pre-investment phase to the exit of the portfolio company. 

For more information on Cycle Capital, visit here.

 

Cycle Momentum

Cycle Momentum is an accelerator and open innovation platform that brings together an international collective of entrepreneurs, investors and innovators. Our mission is to find innovative solutions to the major ecological challenges facing humanity. Member of the Cycle Capital Platform, Cycle Momentum provides entrepreneurs with training workshops, networking sessions and mentoring, and works with leading companies to stimulate technology acquisition and integration. In order to increase the impact of its programs, Cycle Momentum has brought together several local and international investment funds as part of its Circle of Partner Funds, whose members are involved with participating startups.

Cycle Momentum can count on the financial support of the Gouvernement du Quebec, Cycle Capital, Canada Economic Development for Quebec Regions, Investissement Québec, Export Development Canada, Fasken, PricewaterhouseCoopers  and  the TELUS Pollinator Fund for Good.

For more information on Cycle Momentuml, visit here.

Quebec grants $22.25 million to Cycle Momentum to support entrepreneurship in climate technologies

Montreal, October 16, 2023 — The Government of Quebec is providing $22.25 million to Cycle Momentum as part of a 5-year partnership, enabling the accelerator to scale new Climate Tech startups and launch an investment matching program named Origo program. The announcement was made today by the Minister of the Environment, Fight against Climate Change, Wildlife, and Parks, and Minister responsible for the Laurentides region, Mr. Benoit Charette.

Highlights:

  • A 5-year agreement of $22.25 million to continue acceleration programs and create new projects
  • This financing will support 5 acceleration programs per year for a total of 125 companies, and the creation of a bursary program
  • From that amount, $12.25 million is earmarked for the Origo program, a program to encourage investment in innovative Climate Tech entrepreneurship in Québec
From left to right: Patrick Gagné, CEO of Cycle Momentum - Jennifer McDonald, senior vice president of Investments for Cycle Momentum - Nivatha Balendra, founder and CEO of Dispersa - M. Benoit Charette, Minister of the Environment, Climate Change, Wildlife and Parks and Minister responsible for the Laurentides region - Andrée-Lise Méthot, Chair of the Board at Cycle Momentum and Founder and Managing Partner at Cycle Capital.

The funding will accelerate the growth of Cycle Momentum’s programs, with a commitment to conduct 5 acceleration programs annually, benefiting 125 companies in the next 5 years. Alongside this initiative is launched the investment matching funding program, named Origo program, aimed at supporting startups at the pre-seed and seed stages. The Origo program is open to Cycle Momentum’s accelerated companies and also to other Climate Tech companies based in Quebec.

Through this partnership, Cycle Momentum aims to achieve the following key objectives:

  • Accelerate the development of the ecosystem and build a green economy based on Quebec technology companies with solid intellectual property that have a positive impact on the environment
  • Increase investments in Quebec companies at the pre-seed and seed stages
  • Attract startups in Quebec

Origo Program propelled by Cycle Momentum

The primary objective of Cycle Momentum with the Origo program is to address the challenges faced by startups in accessing funding during the pre-seed and seed stages. The investments will be provided in the form of equity or quasi-equity vehicles, aligned with investments made by members of the Circle of Partner Funds. The Cycle Momentum Origo program will invest $150,000 in funding in approximately 10 companies each year, with the potential for follow-on investments.

Discover the programme Origo

Quotes

“New technologies are essential to the success of the energy and climate transition, both in Quebec and around the world. By funding the emergence of these new technologies, Quebec is once again positioning itself as a leader in the fight against climate change.” – Benoit Charette, Minister of the Environment, Climate Change, Wildlife and Parks and Minister responsible for the Laurentides region.

“Cycle Momentum is pleased to pursue its collaboration with the Government of Quebec. Through this announcement, Cycle Momentum will expand its services while addressing the critical funding gaps faced by pre-seed and seed stage companies. Cycle Capital’s platform is proud to gather its investors’ ecosystem around some of the most promising Climate Tech startups in Quebec.” – Andrée-Lise Méthot Chair of the Board at Cycle Momentum and Founder and Managing Partner at Cycle Capital.

“Entrepreneurial support and access to capital are crucial in the development and commercialization of solutions to global environmental challenges. This partnership allows us to expand our programs and fill the funding gap for innovative technology entrepreneurship at the pre-seed and seed stages while attracting foreign and strategic investments into Quebec companies.” – Patrick Gagné, CEO of Cycle Momentum.

CYCLE MOMENTUM LAUNCHES A NEW ACCELERATION PROGRAM IN PARTNERSHIP WITH THE CIRCULAR INNOVATION FUND

THE CIRCULAR INNOVATION FUND AND CYCLE MOMENTUM ANNOUNCE THE FIRST COHORT OF THE ACCELERATION PROGRAM 2023 GLOBAL EDITION DEDICATED TO THE BEYOND PLASTIC AND UPCYCLING SECTORS

With this program, we aim to nurture selected pre-seed and seed-stage companies within the circular economy to bolster investment in an underserved sector, de-risk future CIF investments, and support the build-out of a broader collaborative ecosystem of circular companies at all stages of commercialization.

A PROGRAM TO ADDRESS A CHALLENGING ENVIRONMENTAL ISSUE

Today’s economy is hugely wasteful. Resulting from a system based on the linear take-make-waste model, resource extraction and processing accounts for more than 90% of biodiversity and freshwater loss, while 45% of global GHG emissions stem from how things are made and used, how we grow our food, and how we manage our land and resources. The circular economy proposes a new framework defined by eliminating waste, circulating materials and resources, and regenerating nature.

The Acceleration program can help us take a step in the right direction as for Maya Hassa, Associate at the Circular Innovation Fund, “Innovation is the key to achieve a circular economy that can provide long-term sustainable solutions to the challenges of resource scarcity and environmental degradation.”

The facts are there. The linear take-make-waste model is no longer working for businesses, people, or the environment—the economics spell it out. On the flip side, the circular economy represents a USD$25 trillion market opportunity by 2050, unlocking USD 700 million in annual material cost savings in the consumer goods industry, among other benefits such as a higher disposable income for households and significant increases to national GDP. Most importantly, transitioning to a circular system can reduce our carbon emissions by up to 48% by 2030.

SPECIFIC OBJECTIVES TO FIND EFFICIENT SOLUTIONS

Three targets are locked in, waste reduction, sustainable and circular use of natural resources and measurable but also auditable impact. How will this program allow us to reach them? According to Marius Thebault Associate at the Circular Innovation Fund, “This acceleration program will provide us with access to a wider pool of innovative ideas and offer invaluable support and mentorship for our portfolio companies, thus allowing us to stay ahead of the curve when identifying and investing in the most promising circular economy projects.”

Two main sectors are aimed at. Beyond Plastic, with new materials for barrier applications replacing plastic and Upcycling, with supply chain waste valorisation. More specifically, for Beyond Plastic we are looking for fiber, PCR, biobased solutions for advanced packaging and other barrier applications. For Upcycling we are seeking coproduct, waste or CO2 valorisation through innovative upcycling technologies.

AN OPPORTUNITY WITH VARIOUS BENEFITS FOR PROMISING STARTUPS

For Patrick Gagné, CEO of Cycle Momentum, the members of the cohort will be the winners from this project since “The goal of our Accelerator programs is to support companies that provide solutions to climate change by helping them maximize their venture capital funding potential. I look forward to meeting the entrepreneurs in Circular Innovation Fund’s 2023 Accelerator Program cohort and working with them to achieve their goals and enable them to make a significant impact in the areas of supercycling and alternatives to plastics.”

The Circular Innovation Fund’s 2023 Accelerator Program advantages are clearly identified:

  • Visibility and privileged access to our strategic network of over 120 institutional and corporate investors.
  • Investments of €100K and opportunity to develop strategic partnerships with key market leaders.
  • Potential to expand your customer base and become a strategic supplier to major market leaders like L’Oréal, Masonite, Axens, and more.
  • Access to infrastructure and various experts in research and development, manufacturing, and engineering, to support the development of your technology and growth of your business.
  • Visibility of your company through our robust communication campaign on social networks.
  • Opportunity to present your company and technology in front of senior executives and of renowned experts, entrepreneurs, and investors.

Apply now until May 15 via this form : 

https://cyclemomentum.acceleratorapp.co/application/new?program=circular-innovation-fund-acceleration-program-powered-by-cycle-momentum-2023-global-edition

For more information, consult this document:

https://drive.google.com/file/d/1JWDCPKLRXy1ycgKzm_57VqDQ6eQUbX3C/view?usp=sharing

ZONE AGTECH AND CYCLE MOMENTUM, IN COLLABORATION WITH BIOENTERPRISE CORPORATION, ANNOUNCE THE 3rd EDITION OF THE QUEBEC ACCELERATION PROGRAM 100% DEDICATED TO AGTECH

Montreal, October 20, 2022 – In partnership with Zone Agtech and Bioenterprise Corporation, Cycle Momentum is currently recruiting for the Cycle Momentum Agtech Acceleration Program – powered by Zone Agtech. This acceleration program is 100% dedicated to commercializing innovative agricultural technologies in Quebec. This initiative aims to advance the development of concrete solutions that reduce the Agtech sector’s environmental footprint, help agricultural producers adapt to climate change and support food autonomy in Quebec in order to accelerate the province’s transition towards a greener, more efficient, and sustainable economy.

As part of the Cycle Momentum Agtech Acceleration Program – powered by Zone Agtech, five seed-stage enterprises with innovative agricultural technologies will benefit from various forms of support, including access to agricultural resources required to commercialize their technology. This immersive program will support the commercialization of Agtech by focusing on the quality of innovation, demonstration in an operational environment with pilot partners, and financing opportunities.

Companies are invited to apply to the Cycle Momentum Agtech Acceleration Program – powered by Zone Agtech starting today, until December 12th, 2022. Activities for this second cohort will begin at the end of January 2023. Powered by Zone Agtech, this program is designed for innovative agricultural companies with solutions to reduce GHGs, increase food autonomy and/or promote agricultural adaptation to climate change.

Prospective applicants must also be located in the Zone Agtech or must commit to relocating there by the end of the program.

This initiative is part of a three-year partnership (2020-2023) between Zone Agtech, Bioenterprise Corporation, and Cycle Momentum. Thanks to an investment of $570,000, this alliance is working to accelerate the development of innovative agricultural technologies in Quebec along with  supporting the mission of Zone Agtech.

“We are delighted to renew, for a 3rd consecutive year, the Cycle Momentum Agtech Accelerator Program, powered by the Zone Agtech. Together with the Cycle Momentum team, we have had the opportunity to support promising impact companies that are committed to reducing the environmental impact and adapting to climate change in the agricultural sector,” explains Marilou Cyr, Executive Director of the Zone Agtech. The agtech sector is booming and we are pleased with this collaboration with Cycle Momentum, which allows us to offer a robust program to our companies.”

“We are delighted to help accelerate the development of clean technologies in the agricultural sector. We are looking for entrepreneurs who are committed to both the development of the agricultural sector and the reduction of greenhouse gases”, emphasizes Patrick Gagné, President and CEO of Cycle Momentum. “We want to help these entrepreneurs better commercialize their technological solutions and partner with industrial groups to scale-up and drive innovation in the agriculture sector.”

“Our continued partnership with Zone Agtech and Cycle Momentum represents a considerable expansion of Canada’s Food and Agri-Tech Engine. It also allows us to make our expertise and resources further available to companies and organizations in Quebec,” explains Bioenterprise CEO Dave Smardon. “At the same time, we will have the opportunity to contribute to the export of promising food and agri-tech innovations from Quebec to the rest of Canada and to continue establishing funding partnerships as well as regional and national collaborations.”

About Zone Agtech

An incubator for know-how, entrepreneurship and innovation, Zone Agtech is located in the regional county municipality of L’Assomption, Quebec. It is a dedicated geolocated zone that brings together the entire local ecosystem to propel new agriculture, enabling both SMEs and large companies associated with it to successfully position themselves and reap unique competitive advantages. Strategically situated on the North Shore of Greater Montréal, the Zone provides direct access to a metropolitan logistics hub with research teams, a business network, advisors, training, research facilities, and visibility platforms all within a single location.

Since its launch by the L’Assomption RCM in 2020, Zone Agtech has distinguished itself as a key player in the development of the agtech and plant bioproducts industry in Quebec. Zone Agtech has already established several networks, developed international partnerships, created four consortiums, and, through its organized events, reached more than a thousand vital actors in the sector. Some forty companies are also setting up in the geolocated zone. In less than two years, Zone Agtech has brought together more than 200 Quebec companies and organizations within the agtech community, more than 1,600 scientists representing 24 complementary areas of expertise, 10 financial partners, and 3 acceleration partners.

For more info: www.zoneagtech.ca

About Cycle Momentum

Cycle Momentum is an accelerator and open innovation platform that brings together an international collective of entrepreneurs, investors and innovators. Our mission is to find innovative solutions to the major ecological challenges facing humanity. Member of the Cycle Capital Platform, Cycle Momentum provides entrepreneurs with training workshops, networking sessions and mentoring, and works with leading companies to stimulate technology acquisition and integration. In order to increase the impact of its programs, Cycle Momentum has brought together several local and international investment funds as part of its Circle of Partner Funds, whose members are involved with participating startups.

Cycle Momentum can count on the financial support of the Gouvernement du Quebec, the Fonds Vert, Cycle Capital, Canada Economic Development for Quebec Regions, Investissement Québec, the TELUS Pollinator Fund for Good, Scale AI, Fasken and the City of Montreal. Cycle Momenum also benefits from the collaboration of Écotech Québec and the Zone Agtech.

For more info: www.cyclemomentum.com

About Bioenterprise Corporation

Bioenterprise is Canada’s Food and Agri-Tech Engine, bringing more than 15 years of industry experience and a national and international network of research institutions, academia, mentors, experts, government, and industry players nationwide to help small and medium-sized businesses in the sector to connect, innovate, and grow. Through its experienced service partner network, Bioenterprise offers a wide range of expertise and support to its clients. In partnership with other industries, Bioenterprise opens doors to new technologies and platforms to help food and agri-tech businesses innovate and grow.

For more info: www.bioenterprise.ca

Contacts

Zone Agtech

Bryce Nagels

bnagels@zoneagtech.ca

–

Cycle Momentum

Morgan Guitton

mguitton@cyclemomentum.com

Introducing Cycle Momentum’s 6 New Cleantech Startups

Cycle Momentum kicked off its Fall Cleantech Accelerator cohort on October 4, 2022. As part of the cohort, six new teams began collaborating with Cycle Momentum’s 30+ mentors, entrepreneurs-in-residence and industry experts to develop their business model, marketing strategy, and financing plans.

About Cycle Momentum’s Accelerator Program 

The five startups are the newest members of Cycle Momentum’s accelerator program that compasses of more than 90 companies across 6+ sub-sectors. Cycle Momentum is an accelerator + open innovation platform that brings together an international collective of entrepreneurs, investors and innovators. Since 2015, Cycle Momentum’s accelerated companies have raised more than CA$320M and created 650+ jobs.

Patrick Gagné, CEO at Cycle Momentum, adds: “The five newest startups represent a unique mix of experienced and talented founders from diverse backgrounds that are tackling critical energy transition issues in our economy and driving innovation. Cycle Momentum’s team and mentors are excited to collaborate with the upcoming cohort and support founders by sharing their extensive technical and business expertise.”

Who are the new Cycle Momentum’s startups?

Gamotech – Renewable Energy

Gamotech designs, manufactures and distributes portable power units with zero carbon emissions. Their core product, Gamo-X, a trailer truck, provides municipal and commercial work truck managers with clean and low-cost power to help eliminate the need for diesel engines and generators for maintenance work. In recent months. Gamotech has partnered with municipal governments, such as the cities of Levis, Sainte-Julie and l’Assomption, to streamline their efforts to decarbonise construction and maintenance work.

Green Graphite Tech  – Green Chemistry 

Green Graphite Technologies aims to commercialize the most cost-effective and environmentally friendly sustainable process to transform natural flake graphite into high purity lithium-ion battery (LiB) grade graphite. Their team has developed GraphPure™ to remove impurities from NFG and bring to market high purity graphite. To develop GraphPure™, Green Graphite Technologies has partnered with leading NFG Mining End users, carbon manufacturers and technical collaborators and is receiving support from both Sustainable Development Technology Canada and Investissement Québec.

Aeroport AI – Industry 4.0 

Aeroport AI uses computer vision and deep learning to monitor and analyze aircraft ground operations through ramp and aerobridge cameras to optimize and automate apron management. Based in Montreal, Aeroport AI aims to leverage real-time and structured data to build tools that decrease airside operation delays, improve safety and reduce CO2 emissions.

LATYS Intelligence – Industry 4.0 

LATYS Intelligence uses cutting-edge technology to change how wireless networks are designed. By using space as a resource in the network architecture, LATYS builds robust and efficient wireless infrastructure to enable the deployment of the Industrial Internet of Things and 5G communication systems. In April 2022, LATYS Intelligence received Sustainable Development Technology Canada’s seed grant to develop the LATYS Autonomous Intelligent Repeater (AIR). LATYS Intelligence has also partnered with TandemLaunch Inc., University of Toronto, and Institut National de la Recherche Scientifique to develop their technology.

RegenEAU – Urban Tech 

RegenEAU improves energy efficiency and decarbonization solutions for the multi-dwelling and commercial building sectors. By leveraging existing technologies and best business practices, RegenEAU’s technology recuperates heat from wastewater to reduce the building’s energy consumption and produce hot water at a lower cost.

Oxia Initiative – Industry 4.0 

Oxia Initiative is a SaaS-based carbon accounting platform that helps companies and investors calculate and disclose their carbon footprint. By using Oxia Initiative’s flagship product, Carboscope, companies and investors can automate GHG reporting and showcase their results in accordance with international standards to stakeholders.

Ankit Mishra Joins Cycle Capital as Project Manager, Communication and Marketing

Ankit Mishra

Cycle Capital, an impact investor and leading cleantech venture capital investment platform, welcomes Ankit Mishra to the team. As Project Manager, Communications & Marketing, he will lead Communication and Marketing efforts across the Cycle Capital platform and report to the VP of Sustainability, Investor Relations and Public Affairs.

Before joining Cycle Capital, Ankit spent over ten years working for various early-stage startups in the San Francisco Bay Area, the Ontario Government and the OECD, specialising in economic growth, energy transition, and the future of work. . Ankit is also an Energy Contributor at Forbes. In 2022, he was named a Fellow at the Energy Futures Lab.

“We are thrilled to welcome Ankit to Cycle Capital,” says Andrée-Lise Méthot, Founder and Managing Partner of Cycle Capital. “His unique experience in entrepreneurship, marketing and research is a perfect fit for Cycle Capital as we look to scale our Cycle Momentum and Cycle Central initiatives.”

Ankit studied a Master’s degree in International Economics from Sciences Po Paris and a Bachelor’s degree in Mathematics with French from York University (Glendon College).

 

 

Government of Canada helps major industrial players reduce ecological footprint with support for Cycle Momentum

DEC accorde une aide financière d’un million de dollars à l’organisme montréalais.

MONTRÉAL, June 14, 2022 /CNW Telbec/ – Canada Economic Development for Quebec Regions(CED)

Supporting the clean tech sector contributes to economic development in Quebec’s regions. That is why the Honourable Pascale St-Onge, Minister of Sport and Minister responsible for CED, today announced a non‑repayable contribution of $1 million for Cycle Momentum. This CED support will enable it to boost the development and adoption of technologies from start-ups in order to make the activities of businesses and traditional sectors greener.

In concrete terms, Cycle Momentum will be able to launch five open innovation challenges with well‑known industrial partners in order to reduce the ecological footprint of their operations. It will also be able to generate business opportunities for the local ecosystem of clean tech start-ups. In addition, the contribution announced today will enable it to continue to provide personalized mentoring to anchor structural projects and propel businesses forward that have the potential for high growth and significant impact through open innovation programs in collaboration with corporate partners.

Cycle Momentum is a business accelerator and open innovation platform specializing in the clean tech sector. Its project will support the long-term recovery of the Canadian, Quebec, and local economies through a forward-looking perspective and inclusive growth. It will lead to the creation of eight direct jobs and promote the green economy.

The Government of Canada recognizes and supports businesses and organizations that are a source of pride in their communities. Quebec’s economic recovery relies on the adoption of green technologies and the fight against climate change. Businesses that leverage clean technologies are major contributors to growth with a smaller ecological footprint, as well as key assets in rebuilding a greener, stronger, more resilient, and more just economy for all.

Quotes

“Our government supports entrepreneurial spirit, most especially when the ingenuity and know‑how of our entrepreneurs lead to the development of green technologies. Innovation is a core priority for us, and we are proud to support innovative projects such as those by Cycle Momentum, which help create a less polluting environment. By leveraging these innovative projects, we are also investing in the well-being of future generations.”

The Honourable Pascale St-Onge, Member of Parliament for Brome–Missisquoi, Minister of Sport and Minister responsible for CED

“We are delighted with this support from CED, which enables us to bring Quebec’s big businesses more in line with open innovation by collaborating with start-ups in the clean tech sector. It is a win‑win situation. On the one hand, established businesses will have the ability to identify and adopt technologies more quickly to reduce their carbon footprint. On the other hand, start-ups will have the potential to accelerate their commercial growth and increase the impact their technologies will have on the environment.”

Patrick Gagné, President and CEO, Cycle Momentum

Quick facts
  • This contribution has been granted under the Jobs and Growth Fund, which provides funding to businesses and organizations to help create jobs and position local economies for long‑term growth.

  • SMEs represent 99.7% of Quebec businesses and contribute to 50% of the province’s GDP.

  • Today’s announcement is part of a series of CED announcements that have been taking place since the winter confirming a total of nearly $40 million in investments in over 20 innovative projects by Quebec businesses and organizations that will contribute to the economy of tomorrow. These are strategic investments in projects that will make it possible to reduce Canada‘s environmental impact and foster a green, resilient economy.

  • CED is a key federal partner in Quebec’s regional economic development. CED is a key federal partner in Quebec’s regional economic development. With its 12 regional business offices, CED accompanies businesses, supporting organizations and all regions across Quebec into tomorrow’s economy.
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