Canada’s Cycle Capital to enter China cleantech market

The fund will be run by Qingdao City Construction Investment Group with input from CCM. The Canadian firm will also invest in local cleantech enterprises. Two portfolio companies, Enerkem and Eocycle, have already signed collaborative agreements with the Qingdao investment group.

"Building this type of partnership is one of the key elements to enable North American businesses in clean technology to access Asian markets with a greater probability of success," said Andrée-Lise Méthot, founder and managing partner of CCM, in a statement.

CCM invests in companies that are developing and commercializing clean technologies as well as striving to reduce greenhouse gas emissions, optimize resource use, and improve process efficiency. It focuses on northeastern North America and Quebec and currently has $230 million in assets under management.

Investments made alongside the Qingdao group will come out of Cycle Capital Fund III, which targets companies at the commercialization stage and reached a final close of $108 million in July 2013. The Government of Quebec put in $50 million with other commitments coming from the likes of Teralys Capital, Hydro-Québec, Aluminerie Alouette, Fondaction CSN, Cascades and Gaz Métro.

Qingdao City Construction Investment Group is directly owned by the Qingdao municipal government. It has 15 core subsidiaries covering urban and rural development, construction, tourism, natural resources and financial services. The group's total assets are worth nearly RMB100 billion ($16.3 billion).

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