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Canadian Tech in 100 Words

 

Longbow’s New Fund Backs Low-Carbon Innovation, Eyes $250M Target

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Calgary-based Longbow Capital has reached the first close of its Longbow Energy Transition Fund II, securing $150 million from anchor investors including BDC Capital, TD Bank Group, and Caterpillar Ventures. With a target of $250 million, the fund aims to support North American firms advancing low-carbon solutions and energy efficiency.

Its first investment is in VoltaGrid, a leader in modular, low-carbon power solutions for sectors like energy, mining, and data centers. Managing Director Tyson Birchall emphasized Longbow’s focus on innovative decarbonization approaches amid growing energy demands and onshoring trends.

Want to know more? Check out the source code on CleanEnergy.ca.

WonderFi CEO Kidnapped in Toronto; Released After Ransom Payment

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On Wednesday evening, during rush hour in downtown Toronto, WonderFi CEO Dean Skurka was abducted near University Avenue and Richmond Street West. Toronto Police reported that suspects forced Skurka into a vehicle, later demanding a $1 million ransom.

Skurka was found unharmed in Centennial Park, Etobicoke, after the ransom was electronically paid, according to sources close to the investigation. In an email, Skurka confirmed his safety and assured that WonderFi’s client funds and data remain secure. The Toronto Police Service continues to investigate the incident.

Want to know more? Check out the source code on CBC.

    Canada’s Foresight 50: Top Cleantech Ventures Recognized

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    Foresight Canada has announced the 2024 Foresight 50 list, highlighting Canada’s top 50 cleantech ventures. These companies are tackling critical issues, including emissions reduction, sustainable housing, and food security. Canada currently ranks 62nd globally in climate action, according to the Climate Change Performance Index, underscoring a need for innovation.

    Despite economic challenges, cleantech investment reached $1.01 billion in 2023. The Foresight 50 Showcase, held on November 6 in Vancouver, connected these startups with investors, offering pitches to foster deal opportunities. CEO Jeanette Jackson praised honourees for advancing Canada’s shift toward net zero.

    Want to know more? Check out the source code on CleanEnergy.ca.

    Canada Prepares for Trade Tensions Under Trump Presidency

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    As Donald Trump’s return to the White House looms, Canada braces for potential strains in its U.S. relations. Trump has pledged sweeping tariffs, possible revamps to the North American trade deal, and challenges to green energy policy, raising concerns about the stability of Canada’s trade and military alliances.

    Neo-protectionist tariffs and disruptions to Biden’s Inflation Reduction Act could impact Canadian firms and climate policies. The Canadian Chamber of Commerce’s Matthew Holmes stresses urgency in conveying Canada’s economic role to U.S. policymakers. Meanwhile, tighter immigration and border security measures could strain resources and impact cross-border ties.

    Want to know more? Check out the source code on The Logic.

    Canadian Tech Leaders Recognized for Record Growth

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    Deloitte has announced the winners of its prestigious Technology Fast 50 program, celebrating Canadian tech companies for their innovative achievements and robust growth. Neo Financial, based in Calgary, tops the list with an impressive three-year growth of 154,022 per cent, revolutionizing Canada’s financial sector.

    In the Enterprise category, Montreal’s Hopper leads with 1,207 per cent growth, establishing itself as a global travel app leader. Oxygen8 Solutions from Vancouver ranks first in Clean Technology with 6,610 per cent growth. In the Companies-to-Watch category, North York’s Inmotive shines with its EV powertrain technology, boasting 8,829 per cent growth.

    Want to know more? Check out the source code on Techcouver.

    Montreal’s Nuvei Partners with Crypto Giants on Global Dollar

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    Montreal-based payments processor Nuvei has joined forces with prominent cryptocurrency firms to support the Global Dollar (USDG), a new stablecoin issued by Paxos in Singapore. Backed by the Caisse de dépôt et placement du Québec and actor Ryan Reynolds, Nuvei will earn yield from a portion of USDG’s reserve assets.

    Other supporters include Galaxy Digital, Kraken, Robinhood, Anchorage Digital, and Bullish. Stablecoins, typically pegged to the U.S. dollar, are under global regulatory scrutiny, including by the Ontario Securities Commission. USDG is promoted as a safe, compliant option, with participants earning income by fostering its adoption.

    Want to know more? Check out the source code on The Logic.

    Ottawa Moves to Ban ‘Screen Scraping’ in Open Banking

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    Ottawa plans to eliminate “screen scraping” in its forthcoming open banking legislation, The Logic has reported. Screen scraping, where users share bank credentials with third parties for fintech services, is criticized as insecure and prone to errors. This method remains crucial for accounting software, lending apps, and other fintech firms reliant on consumer financial data.

    Without alternatives, these firms may face significant challenges as the Big Five banks have yet to provide direct-data feeds, and open banking is delayed until late 2025. Finance Canada’s Marie-France Faucher declined to confirm specifics of the legislation.

    Want to know more? Check out the source code on The Logic.

    Ballard Power Expands Fuel Cell Order for Zero-Emission Transit Buses

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    B.C.-based Ballard Power Systems announced a new order to supply 200 hydrogen fuel cell engines to New Flyer, doubling its prior order. This 20-megawatt commitment will power New Flyer’s Xcelsior CHARGE FC™ buses, due in 2025, for deployment in major U.S. states. Ballard’s fuel cell technology enables zero-emission, long-range transit solutions with fast refueling.

    This expanded partnership marks a significant step toward sustainable urban transit in line with climate goals. Ballard recently restructured to cut costs amid adoption delays, with Chief Commercial Officer David Mucciacciaro citing the order as evidence of growing hydrogen demand in transit.

    Want to know more? Check out the source code on CleanEnergy.ca.

    Canadian Fintech Founders Launch $20M Exit North Ventures Fund

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    A group of prominent Canadian fintech founders has launched Exit North Ventures, a $20 million venture fund dedicated to supporting early-stage Canadian fintechs. The fund offers seed investments of $250,000 to $1 million. Spearheaded by General Partner Tal Schwartz, Exit North unites founders like Michael Garrity (Financeit) and Katherine Gregory (Paradigm Quest) with over $1 billion in collective exits.

    Originally aiming for $5 million, the fund’s growth reflects strong market interest. Exit North focuses on fintech innovations in lending, insurance, and payments, with advisors from successful founders to guide portfolio companies toward growth and success.

      Want to know more? Check out the source code on Fintech.ca.

      Canada’s Cybersecurity Talent Shortage Intensifies Amid Rising Attacks

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      A 9% increase in cyberattacks over the past year has elevated cybersecurity to the top growth threat for Canadian businesses, according to KPMG’s latest survey. Despite the risk, 70% of small and medium-sized businesses lack skilled cybersecurity staff, up from last year. High-profile breaches at the Canada Revenue Agency, Indigo, and London Drugs underscore the risks.

      Canada faces 25,000 unfilled cybersecurity positions, though initiatives like BC’s partnership with NPower Canada, Check Point’s SecureAcademy, and Toronto Metropolitan University’s Catalyst Cyber Accelerator are striving to close the talent gap and enhance defenses nationwide.

        Want to know more? Check out the source code on Techtalent.ca.