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Canadian Tech in 100 Words

 

Fintech Giant Wealthsimple Plans Major Alberta Hiring Drive

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Wealthsimple, a Toronto-based fintech giant, has announced plans to triple its workforce in Alberta by the end of 2025. The expansion will increase the company’s Alberta-based employees to 105, roughly 10% of its total workforce. Wealthsimple is recruiting for roles in engineering, product development, sales, and client experience.

Alberta’s young population and high average income have made the province a key market, with more than 400,000 Albertans trusting the platform. The Alberta government supports Wealthsimple’s growth, viewing it as a boost to the province’s fintech sector.

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

Ocean Startup Challenge Selects 16 Startups for 2024 Cohort

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The Ocean Startup Project has announced 16 companies for its annual Ocean Startup Challenge, offering each up to $25,000 in non-dilutive funding and a support package to accelerate their ocean-focused solutions. This year, the Challenge drew over 50 applicants across Canada, with seven startups hailing from British Columbia.

The cohort, tackling sustainable seafood, renewable ocean energy, and marine biotech, includes Celerity Craft, Fibr.Bio, and Ocean AID. Natasha Legay, Director of the Challenge, praised the creativity and drive of the participants, emphasizing their potential to address real-world ocean challenges.

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

Canadian Families Could Save Hundreds Monthly with Clean Energy Upgrades

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A new report highlights significant savings for Canadian families adopting clean energy technologies. By switching to electric vehicles (EVs), installing heat pumps, and making energy-efficient upgrades, households in cities like Toronto could save up to $550 per month, while Vancouver families might save $777.

These changes can also cut a home’s carbon footprint by over 90%. However, challenges remain, as government rebates like the Greener Homes Grant have ended, and affordable EV models are harder to find. The report stresses the need for government action to make clean energy upgrades more accessible across the country.

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

Li-Cycle’s Financial Troubles Stall Key EV Recycling Hub

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Li-Cycle, once a leading name in North America’s EV supply chain, is facing significant setbacks. The Toronto-based battery recycling company’s factory in Rochester, N.Y., has been paused since October 2023 due to escalating costs. Li-Cycle’s financial troubles, including layoffs, lawsuits, and stock declines, now threaten its ambitious goal of challenging China’s dominance.

Despite securing a US$375-million loan commitment from the U.S. Department of Energy, the company is struggling to meet conditions for the funds. Co-founder Ajay Kochhar remains optimistic, but delays have dampened confidence in the project.

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

FinTech Founders Launch Deck with $6.2M to Tackle Utility Data

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Deck, a new API startup from the founders of Flinks, has raised $6.2 million CAD to streamline energy consumption tracking for businesses. Co-founders Yves-Gabriel Leboeuf and Frédérick Lavoie aim to simplify sustainability reporting by connecting businesses with private utility data.

Deck’s platform centralizes energy, water, and fuel data, allowing companies to automate what was once a manual process. The Toronto-based funding round was co-led by Golden Ventures and Better Tomorrow Ventures, with support from Luge Capital. Deck’s long-term vision is to provide an infrastructure for user-permissioned data across industries.

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

Calgary’s EnviCore Raises $4.2M to Scale Sustainable Cement Technology

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Calgary-based EnviCore has secured $4.2 million in seed funding to advance its low-carbon cement technologies. The startup produces supplementary cementitious materials (SCMs) from recycled and natural feedstocks, helping reduce cement’s carbon footprint by up to 30%. Investors include CSN Inova Ventures, Heidelberg Materials, and Techstars.

EnviCore plans to expand production capacity and partner with Heidelberg on a pilot SCM facility. CEO Shahrukh Shamim called the investment pivotal for scaling the technology, which offers a sustainable alternative to traditional cement. The funds will also support research, development, and business growth.

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

ClioCon Celebrates Innovation and Customer Connection

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Clio’s annual Clio Cloud Conference, or ClioCon, has become a cornerstone event in the legal technology industry. This year, CEO Jack Newton kicked off the event with gratitude, thanking attendees for their support during Clio’s 16-year journey. The conference, attended by over 5,000 legal professionals, celebrates Clio’s customer-centric approach.

Senior Vice President Jenny Dingus shared stories of how Clio has transformed lives, while Chief People Officer Marina Harris highlighted the event’s role in fostering employee engagement. ClioCon is more than just a marketing tool—it’s a reflection of Clio’s deep connection with its customers and mission.

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

Spotify Hikes Canadian Subscription Prices Amid New Regulations

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Spotify is increasing its subscription prices for Canadian users before year-end. The ad-free individual account will jump by $1.70 to $12.69, while family accounts will rise by $4 to $20.99. Student and duo packages will also see price hikes, with student plans rising by 40 cents to $6.39 and duo accounts increasing by $2.90 to $17.89.

Spotify cited service innovation and macroeconomic factors as reasons for the increase. The company has also challenged new Canadian regulations requiring large streaming platforms to contribute to Canadian content, which some argue could further drive up prices.

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

Hydrogen Hopes Dim as Fortescue Suspends $2 Billion Project in Prince George

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Australia’s Fortescue has suspended its plans for a $2 billion green hydrogen plant in Prince George, B.C., citing a lack of clean and affordable energy. The decision, communicated in a letter to B.C.’s environmental regulator, puts the Coyote Hydrogen Project in limbo, jeopardizing Canada’s hydrogen export hopes.

The plant would have produced hydrogen for local use and ammonia for export to Japan, South Korea, and the U.S. Fortescue’s suspension of the project comes as Canada struggles to meet demands for clean energy from Asian markets. The setback raises questions about future large-scale green energy projects in the region.

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

Tesla Unveils Autonomous Cybercab and Robovan at “We, Robot” Event

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At Tesla’s “We, Robot” event, CEO Elon Musk hinted at the company’s vision of a future where autonomous vehicles like the Cybercab and Robovan reshape urban transportation. Designed for individualized mass transit, the Cybercab can transport two people over short distances, while the Robovan serves larger groups.

Musk emphasized how autonomous vehicles could give people “more time, more space, and less physical work,” and transform how cities are structured by reducing the need for parking. He also noted that cars are only used 10 hours a week on average, suggesting that autonomous vehicles could be utilized much more efficiently.

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