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Canadian Tech in 100 Words

Lion Electric Secures Creditor Protection Amid EV Market Woes

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The Superior Court of Quebec has granted Lion Electric protection under the Companies’ Creditors Arrangement Act, allowing the electric vehicle maker to continue operations while restructuring. The company, known for producing EV buses and trucks, will maintain fleet services for customers.

Lion aims to solicit bids for its assets or entire business by January 7, with an auction likely in March. Facing $500M in liabilities and just $26.3M in cash, Lion struggles with the slower-than-expected adoption of EVs. This move may ease concerns for operators relying on its parts and services but raises uncertainty about the company’s future.

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

Wealthsimple Celebrates 10 Years with Major Innovations

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Wealthsimple marked a decade of growth in 2024 by unveiling products addressing Canadians’ evolving financial needs. The company introduced its first lending product, margin trading, attracting over a third of waitlisted clients.

It expanded access to private investments for clients with $50,000 or more and enhanced Wealthsimple Cash with features like ATM fee reimbursement and joint accounts. The company also became a leader in First Home Savings Accounts, opening over one-third of Canada’s accounts. Looking to 2025, Wealthsimple plans to launch USD chequing accounts, a credit card, and enhanced advisory services.

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

Alberta Cleantech Leaders Shine in 2024

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Alberta solidified its place as a clean energy hub in 2024 with advances in hydrogen, solar, and innovative cleantech ventures. Foresight Canada’s Alberta Cleantech Awards crowned Calgary’s Litus as Venture of the Year for its eco-friendly lithium extraction technology.

Three Alberta firms—Carbon Upcycling, Eavor, and Summit Nanotech—featured on the Global Cleantech 100, while two others, Ayrton Energy and Litus, made the Cleantech 50 to Watch. Calgary-based startups also dominated the Foresight 50 as five companies, including Drishya AI Labs and Ionic Solutions, showcased cutting-edge emissions and desalination solutions. Alberta’s cleantech sector continues to attract global attention.

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

Koho Uses AI to Revolutionize Fraud Detection

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Canadian fintech Koho is leveraging generative AI to streamline anti-money laundering (AML) investigations, cutting investigation times from 95 minutes to 35 and aiming for just five. David Kormushoff, Koho’s VP of Technology and AI, announced at AWS Re:Invent that their tool assists investigators by automating tasks like transaction analysis, open-web searches, and FINTRAC reporting.

Crucially, the AI is not trained on customer data, ensuring privacy. Koho plans to adapt the tool for evolving AI regulations. Beyond AML, Koho envisions AI’s role in fraud detection and customer education. The company remains cautious about deploying customer-facing AI for personalized financial insights.

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

Quebec’s Deep Sky Secures $40M Grant for Carbon Removal

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Quebec-based Deep Sky has secured a $40 million USD grant from Breakthrough Energy Catalyst, marking Catalyst’s first investment in Canada and in direct air capture (DAC) technology.

The funding supports Deep Sky Alpha, a DAC testing facility set to open by Spring 2025. The facility will trial multiple carbon removal technologies to identify scalable, cost-effective solutions for high-quality carbon credits.

CEO Damien Steel hailed the grant as a milestone for Deep Sky and the carbon removal industry, while Catalyst’s Mario Fernandez praised its potential to drive real-world innovation. Deep Sky aims to position Canada as a leader in carbon removal.

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

Calgary Firm Recognized for Concrete Decarbonization

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Calgary-based Carbon Upcycling has been named one of six winners of the Build Better Innovation Challenge, backed by Elemental Impact and partners like Microsoft and Capgemini.

The company’s technology transforms industrial CO₂ emissions and solid waste into low-carbon cement, addressing the construction sector’s 8% global carbon footprint. This win follows Carbon Upcycling’s $34.3M Series A funding round to scale its solutions for cement, steel, and mining industries.

As a challenge winner, Carbon Upcycling will receive funding, technical support, and expert guidance to pilot its scalable decarbonization technology in sustainable building projects.

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

Canada’s Open Banking Progress Inches Forward

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Canada’s government has taken significant steps toward open banking, branded as “consumer-driven banking,” but full implementation is expected by 2026.

The 2024 Fall Economic Statement confirmed plans to legislate accreditation and common rules covering national security, liability, and privacy. These measures aim to safely enable Canadians and small businesses to share financial data and access data-driven financial services.

The framework includes appointing a Senior Deputy Commissioner of Consumer-Driven Banking and creating advisory committees. Despite progress, Canadians must wait for a full rollout, as the government promises close engagement with stakeholders to ensure a secure launch.

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

Volkswagen Makes Lithium Move with $65M Stake in Patriot

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Volkswagen’s PowerCo SE has partnered with Patriot Battery Metals in a CAD $65 million deal marking VW’s entry into the lithium supply chain.

The agreement grants PowerCo a 9.9% stake in Patriot and a 10-year offtake for 100,000 tonnes of spodumene concentrate annually from the Shaakichiuwaanaan Lithium Project. This aligns with PowerCo’s goal to vertically integrate battery production and support its St. Thomas, Ontario, gigafactory.

Both companies emphasize ESG compliance, First Nations engagement, and sustainable lithium chemical production, ensuring environmental stewardship. This partnership strengthens North America’s role in the electric vehicle ecosystem and PowerCo’s global battery ambitions.

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

Databricks Raises $10B at $62B Valuation to Fuel AI

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Databricks announced a $10 billion Series J funding round, valuing the data and AI company at $62 billion. Led by Thrive Capital and co-led by Andreessen Horowitz, DST Global, and GIC, the oversubscribed round will fund AI products, acquisitions, and international expansion.

Among Databricks cofounders are University of Waterloo and University of Toronto graduates, Matei Zaharia and Reynold Xin. CEO Ali Ghodsi highlighted the platform’s role in democratizing data intelligence across industries. Databricks reported over 60% year-over-year growth, expects to achieve $3 billion revenue run-rate, and hit positive free cash flow this quarter.

The funding reflects booming AI demand and positions Databricks to lead transformative innovation in AI infrastructure.

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

AI Fuels Job Hunt Chaos as Bots Battle Bots

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AI tools now dominate recruitment: job seekers use ChatGPT to apply for AI-written ads, scanned by AI systems, while HR chatbots handle communications.

HR expert Nathan Wawruck calls it a “silly” loop: bots match AI-authored resumes with AI-crafted roles. However, issues abound, from inflated applicant claims to biased AI systems. Ontario recently passed legislation requiring disclosure of AI in hiring.

Some see potential: platforms like Plum focus on personality testing, while HireNext flags inclusive job descriptions. Yet critics say AI merely accelerates flaws in hiring, sidelining the human element and deepening inefficiencies.

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