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Canadian Tech in 100 Words

Canada Invests in Domestic Critical Mineral Supply

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The federal government is investing $8.2 million in Northcliff Resources to advance the Sisson Project, a tungsten-molybdenum deposit in New Brunswick. Federal energy minister Tim Hodgson called the project vital to Canada’s supply of critical minerals used in technology, energy storage, defence, and aerospace.

The funding, part of the $4B Canadian Critical Minerals Strategy, will support a feasibility study update and engineering design ahead of a construction decision. Northcliff, founded in Vancouver in 2010, aims to become a reliable domestic producer of these minerals, which are essential to strengthening Canada’s industrial competitiveness.

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

Parks Canada Launches Glacier-Tracking “Icy Initiative”

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Parks Canada, the University of Waterloo, and provincial partners have launched the “Icy Initiative,” a community science project to monitor Alberta’s glaciers. Starting in Jasper National Park and other protected areas, visitors can use cellphone “Icy stands” at glacier viewpoints to photograph and submit images online.

Researchers analyze submissions to track changes over time, supporting glacier preservation efforts. The project builds on the 2021 “Coastie program” for coastal monitoring and is powered by the GeoReach Education Platform. Canada holds one-fifth of global glacial volume, making such data vital for conservation.

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

Calgary Doubles Down on Electric Transit

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Calgary’s going big on clean transit. The city’s adding 120 Canadian-built electric buses from Volvo Group’s Nova Bus to replace aging rides and keep service running smoothly.

It’s part of a massive shift launched with a $165M Canada Infrastructure Bank investment in 2023, aiming for 259 zero-emission buses by 2027 and feeding into Ottawa’s goal of 5,000 ZEBs nationwide. Sharon Fleming of Calgary Transit says the move cuts costs, cleans air, and preps the city for future demand. The new buses hit streets by 2028, echoing similar green fleet moves in Whitehorse and Brampton.

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

Ballard CEO Orders Deep Cuts Amid Hydrogen Market Struggles

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Vancouver-based Ballard Power Systems faces significant restructuring under new CEO Marty Neese, appointed in June. On Monday’s earnings call, Neese announced plans to cut annual operating costs by 30% within a year, citing slow progress in heavy-duty trucking markets.

The hydrogen fuel cell maker has halted China investments, delayed a Texas gigafactory decision, and marked its third round of layoffs in three years. Despite an 11% year-over-year revenue increase and a major boat-engine order, Ballard posted a US$24.3M net loss. Neese forecasts industry downturns, with potential failures, restructurings, and consolidation over two years.

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

OpenText Boots CEO, Bets Big on AI

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Big changes at OpenText. The Waterloo software giant has ousted CEO Mark Barrenechea after 12 years, naming sales exec James McGourlay interim chief. Alongside the shake-up, the company is exploring asset sales to double down on “information management for AI.”

The move comes days after earnings: US$436M profit on US$5.17B revenue, both down after the mainframe-modernization unit sale. Barrenechea led the shift to subscription cloud services and blockbuster deals like the US$6B Micro Focus acquisition in 2022. Now, the board’s betting AI will fuel the next chapter.

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

Doximity Picks Up Canada’s Pathway in $63M Deal

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Doximity just made a major Canadian play, snapping up Montréal’s Pathway Medical for $63M USD. The U.S. telehealth company, known as a “LinkedIn for doctors,” gets Pathway’s AI-powered search engine and massive clinical dataset, calling it “the best at answering physicians’ questions.”

Pathway’s six-person team, half of them doctors, is joining Doximity, which serves 80% of U.S. physicians. A joint product is already in beta with thousands of doctors. Founded in 2018, Pathway raised $6.3M USD and built a global user base of one million. Expect more AI in your doctor’s toolkit soon.

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

Tech Bootcamp Pioneer Lighthouse Labs Shuts Down

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Uvaro and Lighthouse Labs filed for bankruptcy on August 1, just seven months after Uvaro’s high-profile acquisition of the Vancouver-founded coding bootcamp. All classes, mentoring sessions, and employment ceased immediately, according to an internal email obtained by Vancouver Tech Journal.

Uvaro CEO Joseph Fung told staff they had “no guaranteed outcome” and offered apologies. Lighthouse Labs, launched in 2013, trained over 40,000 students in fields like web development and cybersecurity. Once positioned as Canada’s largest workforce development group, both firms are now under control of a Licensed Insolvency Trustee.

Want to know more? Check out the source code on Vancouver Tech Journal.

Canadian Battery Firm Gets Lifeline from Glencore

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Li-Cycle co-founder Ajay Kochhar will return to lead Glencore’s battery recycling unit following the Swiss mining giant’s acquisition of the bankrupt Toronto-based firm. Court documents peg the final offer at $43.6 million, including previously advanced funds.

Li-Cycle filed for bankruptcy in May after a costly construction dispute in New York. The deal allows continued operations in Germany, with potential restarts in Ontario, Arizona, Alabama, and New York. Once at risk of shuttering globally, the Canadian clean-tech startup now gets a second life under Glencore’s industrial wing.

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

Power Corp’s Wealthsimple Interest Rises to $2.2B

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Power Corporation of Canada said the value of its majority stake in fintech firm Wealthsimple increased 21% in Q2, crediting “strong business performance.” The Montreal-based conglomerate owns 54.2% of the Toronto company, alongside IGM Financial and Portage Ventures.

Power last valued Wealthsimple at $2.2 billion in late 2023, reversing writedowns made in 2022. The company, controlled by the Desmarais family, reported $772 million in quarterly profit—up 5.8% year-over-year. Wealthsimple’s valuation bump comes amid improving fintech sentiment after a turbulent post-pandemic period.

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

AbCellera Tests First In-House Drugs on Humans

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Vancouver’s AbCellera has launched its first human trial of ABCL635, a menopause-related drug targeting hot flashes. The milestone marks the company’s transition to a clinical-stage biotech firm, CEO Carl Hansen said.

AbCellera is also enrolling patients in a trial for a potential eczema treatment. Known for its partnerships—most notably with Eli Lilly on COVID-19 treatments—AbCellera reported a Q2 loss of US$34.7 million on US$17.1 million in revenue. Despite the loss, the company has US$753 million in liquidity and added nine new partner projects this year, bringing its total to 102.

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