BDC Capital

BDC Capital Inc. is the private equity and venture capital arm of the Business Development Bank of Canada, focusing on direct and fund of funds investments. It specializes in various financing options, including subordinate, recapitalization, bridge, and venture capital, targeting middle market, later stage, and small to medium-sized businesses. BDC Capital engages in venture capital activities across all stages, from seed funding to pre-IPO financing, with a particular emphasis on technology and healthcare sectors. Its investment strategy includes a commitment to supporting women-led firms and spans industries such as life sciences, telecommunications, information technology, and advanced technologies. The firm typically invests between CAD 0.1 million and CAD 35 million, often seeking minority stakes and board representation in its portfolio companies. BDC Capital prefers to exit investments within three to five years, utilizing strategies such as initial public offerings and strategic sales. Established in 1975 and headquartered in Montreal, the firm also has offices in British Columbia, Ontario, Quebec, and Alberta, focusing its investments primarily within Canada.

Steven Abrams

Partner

Dinar Ahmed

Partner

Nabil El Asraoui

Associate

Lenka Baloghova

Associate

Amine Benmoussa

Principal

Disha Bhargav

Associate

Jeremy Billan

Partner, Growth Equity Partners

Ela Borenstein

Vice President

Sara Cavalluzzi

Associate

Cheri Corbett

Director

Olivier Côté

Associate

Kristina D’Amico

Director, Fund Investments

Kyle Feucht

Director

Ajay Gopal

Associate Director

Vivian Kan

Partner

Karim Kennedy

Director - Cleantech Practice

Leonard Kofman

Partner, Intellectual Property-Backed Financing

Sandy Li

Associate

Guillaume Mercier

Senior Vice President, Advisory Services and Business Strategy

Mona Minhas

Partner, Thrive Venture Fund

Claude Miron

Managing Partner - Growth Equity Partners

Anamika Mukherjee

Partner of Industrial, Clean and Energy Technology Venture Fund

Alison Nankivell

Vice President, Fund Investments and Global Scaling

Katherine Nicanorova

Associate

Michael Notto

Partner, Growth Equity Partners

Thomas Park

Partner

Salman Qadir

Associate

Loren Rafeson

Partner, Growth Equity Partners

Karl Reckziegel

Senior Vice President, Direct Investments

Joseph Regan

Managing Partner, Industrial Innovation Fund

Lally Rementilla

Managing Partner, IP-Backed Financing

Victor Scutaru

Managing Director, Private Equity Funds Portfolio

Matt Stanley

Partner, Climate Tech Fund

Stephanie Tadros

Associate

Zoltan Tompa

Director, Cleantech Practice

Ron Warburton

Managing Partner

Past deals in Oil and Gas Refining

Mara Renewables

Venture Round in 2022
Mara Renewables Corporation is a prominent Canadian biotechnology company dedicated to the research, development, and commercialization of sustainable fermentation algal biotechnologies. The company specializes in producing plant-based nutritional and nutraceutical ingredients, particularly omega-3 fatty acids, aimed at enhancing human health. By leveraging innovative algal fermentation processes, Mara contributes to the nutritional and renewable energy sectors, promoting sustainability and advancing food and health security globally. Through its efforts, Mara Renewables is committed to fostering a more sustainable future through plant-based technologies.

Summit Nanotech

Series A in 2022
Summit Nanotech Corporation is a business-to-business company based in Calgary, Canada, founded in 2018. It specializes in nanotechnology to develop innovative solutions for lithium extraction, aiming to optimize operations for lithium producers while minimizing environmental impact. The company's patented extraction technology is designed to deliver economically competitive, battery-grade lithium, addressing the industry's demand for sustainable practices. By focusing on modular commercial systems, Summit Nanotech seeks to upscale and commercialize its advanced concepts in lithium extraction, positioning itself as a leader in the energy development sector.

Hydrodig

Debt Financing in 2022
Hydrodig is a provider of hydro-excavation services. Hydro-excavation is safer, faster, and more cost-effective alternative than excavating with heavy machinery or by hand around buried infrastructure.

Comet Biorefining

Series C in 2021
Comet Biorefining, Inc. is based in London, Canada, and specializes in the development of sustainable ingredients from agricultural waste materials. The company focuses on converting non-food sources such as wood, wheat straw, bagasse, and corn stover into high-purity cellulosic glucose syrup. This innovative technology provides a cost-competitive alternative to traditional food-based sugar sources like corn or sugar cane, ensuring price stability and lower costs. In addition to its glucose products, Comet Biorefining offers biomass conversion and pretreatment services, along with a range of consulting services that include process development, engineering, and project development. The company is currently focused on scaling up its commercial operations and establishing partnerships within the renewable biofuels and biochemicals industries.

CarbonCure

Venture Round in 2020
CarbonCure Technologies Inc. provides technology to existing concrete plants that allows producers to sequester carbon dioxide into their concrete products. Its technology recycles waste carbon dioxide (CO2) to make concrete products. The company source waste CO2 from industrial emitters, and is added to the concrete during production, where it is chemically converted into a limestone-like mineral. The company was formerly known as Carbon Sense Solutions Inc. and changed its name to CarbonCure Technologies Inc. in January 2011. The company was incorporated in 2007 and is based in Dartmouth, Canada.

Drillform

Private Equity Round in 2020
Drillform Technical Services Ltd. specializes in the design, manufacture, and servicing of robotic drilling equipment tailored for both land and offshore rigs. The company’s product lineup includes automated floor wrenches, pipe handlers, and top drives, all engineered for ease of maintenance and support in the field. In addition to manufacturing, Drillform provides a comprehensive range of services, such as equipment overhaul and repair, installation and commissioning, operational fine-tuning, preventative maintenance, and 24/7 on-site support and training. Established in 2009 and headquartered in Calgary, Canada, Drillform operates in key markets including Canada, the United States, and the Middle East, with service facilities located in Odessa, Texas, and Abu Dhabi, United Arab Emirates.

Lube City

Private Equity Round in 2019
Lube City Corp. is a Canadian company based in Edmonton that specializes in oil change and fleet maintenance services for automobiles. Established in 1990, Lube City provides a variety of offerings including automatic oil changes, transmission fluid services, fuel treatments, power steering fluid replacements, and battery replacements. The company also delivers additional services such as engine flushes, radiator coolant system maintenance, fuel system services, tune-ups, and fuel filter replacements. With a focus on the harsh driving conditions experienced in Alberta, Lube City aims to assist customers in maintaining their vehicles and ensuring optimal performance through its comprehensive service offerings.

H2O Innovation

Post in 2019
H2O Innovation Inc. is a Canadian company specializing in integrated water treatment solutions utilizing membrane filtration technology. It operates through three primary segments: Water Technologies and Services, Specialty Products, and Operation and Maintenance Services. The company provides systems and equipment for producing drinking and industrial process water, as well as for the reclamation, reuse, and desalination of water. In addition to offering membrane filtration systems and spare parts, H2O Innovation supplies specialty chemicals such as antiscalants, cleaners, and coagulants. The company also provides a range of services, including operation and maintenance for water treatment facilities, public works services, and construction for water and sewer lines. Its innovative technologies, such as Intelogx for data analysis and Clearlogx for automation, enhance the efficiency of water treatment processes. Founded in 2000 and headquartered in Quebec City, H2O Innovation has established itself as a leader in the water treatment industry, continuously expanding its market presence through a comprehensive range of products and services.

Hifi Engineering

Venture Round in 2019
HiFi Engineering Inc. specializes in the development of fiber optic sensing systems designed for the oil and gas industry. The company creates advanced monitoring solutions, including sensing cables, downhole tools, and software for data acquisition and interpretation, aimed at applications such as reservoir monitoring, pipeline integrity, and leak detection. Notable products include the HDS MiCro tool for downhole flow and the HDS MaCro system for permanent monitoring of pipelines and reservoirs. Founded in 2007 and headquartered in Calgary, Canada, HiFi Engineering serves North American oil and gas service companies. The company’s technology is supported by over 33 patents and collaborative relationships with major industry players, enhancing its capacity to deliver high-quality data to its customers.

Recover Energy Services

Venture Round in 2019
Recover Energy Services Inc. is an environmental technology company based in Calgary, Canada, specializing in the removal and recycling of oil from drill cuttings generated by oil-based mud drilling. Founded in 2008, the company employs a patented process to clean oil-based drilling waste, successfully recovering base oil while significantly reducing carbon dioxide emissions. This innovative approach allows oil and gas companies to manage their oil-based drill cuttings in a safe, cost-effective, and environmentally responsible manner. Previously known as Cutting Edge Systems Inc., the company adopted its current name in March 2016, reflecting its focus on sustainable practices within the Canadian oil field industry.

H2O Innovation

Post in 2018
H2O Innovation Inc. is a Canadian company specializing in integrated water treatment solutions utilizing membrane filtration technology. It operates through three primary segments: Water Technologies and Services, Specialty Products, and Operation and Maintenance Services. The company provides systems and equipment for producing drinking and industrial process water, as well as for the reclamation, reuse, and desalination of water. In addition to offering membrane filtration systems and spare parts, H2O Innovation supplies specialty chemicals such as antiscalants, cleaners, and coagulants. The company also provides a range of services, including operation and maintenance for water treatment facilities, public works services, and construction for water and sewer lines. Its innovative technologies, such as Intelogx for data analysis and Clearlogx for automation, enhance the efficiency of water treatment processes. Founded in 2000 and headquartered in Quebec City, H2O Innovation has established itself as a leader in the water treatment industry, continuously expanding its market presence through a comprehensive range of products and services.

Field Upgrading

Venture Round in 2018
Field Upgrading Limited collaborates with Ceramatec, a research and development firm specializing in advanced ceramic materials, to create a novel process known as De-Sulphurization & Upgrading (DSU™). This innovative technique addresses the challenges of sour heavy oil by combining elemental molten sodium and small amounts of hydrogen with sour feedstock, resulting in a low sulphur upgraded heavy oil product. The DSU™ process is notable for its ability to significantly enhance the quality of heavy oil, achieving an 8-10 API increase, which directly correlates to a reduction in sulphur content. By offering this advanced sulphur removal and upgrading technology, Field Upgrading aims to optimize operational efficiency for oilfield operators, enabling remote management of production processes and ultimately leading to increased productivity and cost savings within the oil and gas industry.

GreenMantra Technologies

Venture Round in 2018
Based in Brantford, Ontario, GreenMantra™ Technologies utilizes a proprietary thermo-catalytic system and patented process to cost-effectively convert and "up-cycle" waste plastics, including hard-to-recycle materials such as grocery bags and film, into high-value waxes and other specialty chemicals. These materials have a broad range of applications in the coatings, plastics processing, adhesives, roofing and paving industries.

Ensyn

Venture Round in 2018
Ensyn Corporation specializes in producing biocrude from forest and agricultural residues through its proprietary thermal technology, known as RTP. This patented process thermally cracks carbon-based feedstocks, such as wood biomass, to yield a high proportion of renewable liquid fuels, typically converting dried wood into approximately 75% liquid by weight. Ensyn's bio-crude serves as a sustainable energy source suitable for heating and cooling applications, as well as for upgrading in existing oil refineries to create low-carbon transportation fuels. Founded in 1984 and based in Wilmington, Delaware, Ensyn has established strategic partnerships with notable companies, including Honeywell UOP and Chevron Technology Ventures, and operates production facilities in Canada, Brazil, and Malaysia.

Fuller Industrial

Debt Financing in 2017
Fuller is the most advanced pipe spool fabrication plant and premier rubber lining and protective coating shop in North America. Our shops are set up to efficiently handle everything from a single fitting to an entire plant’s tank and piping system.

Rotoliptic

Funding Round in 2016
Rotoliptic Technologies Inc. develops displacement pumps. The company offers electric submersible and truck transfer pumps that focus on pumping crude oil in mindstream oil and gas applications, and bitumen in the Canadian oil sands. Rotoliptic Technologies Inc. is headquartered in Canada.

DarkVision

Series A in 2016
DarkVision Technologies Inc. specializes in ultrasound-based imaging technology that creates high-resolution 3D models of oil and gas wells. Founded in 2013 and based in North Vancouver, Canada, the company provides an advanced imaging system capable of detecting various downhole issues such as production tubing defects, casing corrosion, and other obstructions. This technology allows oil and gas operators to visualize the inner workings of their wells, enabling informed decision-making that can lead to reduced operating costs, enhanced production efficiency, and improved well integrity while minimizing environmental impacts. Unlike traditional camera systems, DarkVision's ultrasound imaging can penetrate opaque fluids, making it a more effective tool for downhole diagnostics. As of 2020, DarkVision operates as a subsidiary of Koch Engineered Solutions.

Validere

Seed Round in 2016
Validere Technologies Inc. is a Toronto-based company that specializes in providing critical information about liquids to large markets, particularly in the oil and gas sector. Founded in 2015, Validere develops portable devices such as the Validere Identifier, which assesses liquid safety by comparing samples against a comprehensive library, and EDGE Connect, which facilitates secure connections between buyers and sellers to identify arbitrage opportunities. The company's solutions enable industry participants to optimize their operational and trading decisions by delivering real-time quality intelligence and actionable testing data. This innovation allows oil and gas companies to accurately monitor product quality, streamline logistics, and enhance trading strategies, resulting in significant cost savings and increased revenue. Validere's technology supports transparency and accountability in liquid measurement, making it a valuable resource for producers and midstream organizations.

CarbonCure

Series C in 2015
CarbonCure Technologies Inc. provides technology to existing concrete plants that allows producers to sequester carbon dioxide into their concrete products. Its technology recycles waste carbon dioxide (CO2) to make concrete products. The company source waste CO2 from industrial emitters, and is added to the concrete during production, where it is chemically converted into a limestone-like mineral. The company was formerly known as Carbon Sense Solutions Inc. and changed its name to CarbonCure Technologies Inc. in January 2011. The company was incorporated in 2007 and is based in Dartmouth, Canada.

DarkVision

Seed Round in 2015
DarkVision Technologies Inc. specializes in ultrasound-based imaging technology that creates high-resolution 3D models of oil and gas wells. Founded in 2013 and based in North Vancouver, Canada, the company provides an advanced imaging system capable of detecting various downhole issues such as production tubing defects, casing corrosion, and other obstructions. This technology allows oil and gas operators to visualize the inner workings of their wells, enabling informed decision-making that can lead to reduced operating costs, enhanced production efficiency, and improved well integrity while minimizing environmental impacts. Unlike traditional camera systems, DarkVision's ultrasound imaging can penetrate opaque fluids, making it a more effective tool for downhole diagnostics. As of 2020, DarkVision operates as a subsidiary of Koch Engineered Solutions.

Pyrowave

Convertible Note in 2014
Pyrowave Inc. is a Canadian company that specializes in advanced recycling technology solutions, utilizing microwave-based chemical processes to convert post-consumer and post-industrial plastics into high-value liquid products. Founded in 2014 and headquartered in Oakville, the company employs a patented high-power microwave catalytic depolymerization technology, which restores plastics to their molecular state, indistinguishable from virgin materials. This innovative approach facilitates the infinite recycling of plastics, addressing the growing need for sustainable waste management. Pyrowave serves a diverse clientele, including municipal clients, private recyclers, and generators, by leasing its recycling machines and providing the resultant products from its processing operations.

CarbonCure

Series B in 2013
CarbonCure Technologies Inc. provides technology to existing concrete plants that allows producers to sequester carbon dioxide into their concrete products. Its technology recycles waste carbon dioxide (CO2) to make concrete products. The company source waste CO2 from industrial emitters, and is added to the concrete during production, where it is chemically converted into a limestone-like mineral. The company was formerly known as Carbon Sense Solutions Inc. and changed its name to CarbonCure Technologies Inc. in January 2011. The company was incorporated in 2007 and is based in Dartmouth, Canada.

CarbonCure

Series A in 2012
CarbonCure Technologies Inc. provides technology to existing concrete plants that allows producers to sequester carbon dioxide into their concrete products. Its technology recycles waste carbon dioxide (CO2) to make concrete products. The company source waste CO2 from industrial emitters, and is added to the concrete during production, where it is chemically converted into a limestone-like mineral. The company was formerly known as Carbon Sense Solutions Inc. and changed its name to CarbonCure Technologies Inc. in January 2011. The company was incorporated in 2007 and is based in Dartmouth, Canada.

Nexterra

Venture Round in 2011
Nexterra develops, manufactures and delivers advanced gasification systems that enable customers to self-generate clean, low cost heat and power at industrial and institutional facilities using waste fuels. In an era of higher energy prices, this means dramatically lower costs, higher operating margins and less reliance on fossil fuels and grid-purchased electricity. Furthermore, by using renewable biomass fuels such as wood waste, customers can dramatically reduce their carbon footprint.

Rotoliptic

Seed Round in 2011
Rotoliptic Technologies Inc. develops displacement pumps. The company offers electric submersible and truck transfer pumps that focus on pumping crude oil in mindstream oil and gas applications, and bitumen in the Canadian oil sands. Rotoliptic Technologies Inc. is headquartered in Canada.

Vaprema

Series B in 2008
Vaperma is a developer, manufacturer, and supplier of advanced gas separation systems. Vaperma breakthrough patented polymer membrane technology combines solvent and high temperature resistance into a strong hollow fiber which enables to address many industrial applications. Vaperma advanced gas separation systems primarily target dewatering (''dehydration'') in a range of existing energy and industrial markets, including ethanol and natural gas processing applications. It can be used for applications such as the production of fuel-grade ethanol and the dehydration of natural gas, biogas, and chemicals. With Vaperma’s patented hollow-fiber polymer membrane, we offer our customers an energy-saving and eco-friendly solution for high-purity chemical products and a sustainable environment. Vaperma’s growth strategy is to focus on continuously improving its gas separation technologies to meet the broadest range of customer needs.

Vaprema

Venture Round in 2007
Vaperma is a developer, manufacturer, and supplier of advanced gas separation systems. Vaperma breakthrough patented polymer membrane technology combines solvent and high temperature resistance into a strong hollow fiber which enables to address many industrial applications. Vaperma advanced gas separation systems primarily target dewatering (''dehydration'') in a range of existing energy and industrial markets, including ethanol and natural gas processing applications. It can be used for applications such as the production of fuel-grade ethanol and the dehydration of natural gas, biogas, and chemicals. With Vaperma’s patented hollow-fiber polymer membrane, we offer our customers an energy-saving and eco-friendly solution for high-purity chemical products and a sustainable environment. Vaperma’s growth strategy is to focus on continuously improving its gas separation technologies to meet the broadest range of customer needs.

3esi

Seed Round in 2006
3esi provides software solutions for the oil and gas industry.
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