NGIF Capital, a Canada-based venture capital firm focused on natural gas-related technology ultimately owned by industry association Canadian Gas Association, has completed a C$50m ($39.7m) second close of its debut fund.
NGIF Cleantech Ventures conducted a C$35m first close in April and said it raised an additional C$15m in the subsequent 12 weeks. This close adds committed capital from energy groups ARC Resources, Tourmaline Oil and Tidewater Midstream and Infrastructure, all of which took part in the first close.
John Adams, chief executive of NGIF Capital and managing partner of Cleantech Ventures, said: “Our fund will leverage the experience and expertise of our team and our strategic gas partners to support our cleantech startups. NGIF Cleantech Ventures remains open to new strategic and institutional investors until it reaches C$100m.”
Terry Anderson, president and CEO of ARC Resources, added: “Clean technology will play an important role in further reducing Canada’s [greenhouse gas] emissions and providing a competitive advantage for our sector.”
Tidewater chairman and CEO of Tidewater Joel Macleod said: “Investments such as this not only help our industry but assist in positioning Canada as a leader in clean energy.”
Mike Rose, president, CEO and chairman at Tourmaline, added: “Ever cleaner burning natural gas represents a remarkable economic and environmental improvement opportunity for Tourmaline, Canada and the world.”
Photo of John Adams courtesy of LinkedIn.
