CoPower, an online marketplace for clean energy investing, announced today that it raised $850,000in a seed round of financing led by Innovation Support and RBC.
CoPower facilitates investment into clean energy infrastructure projects, including energy efficiency retrofits and solar rooftop installations, which can generate strong financial returns while reducing carbon output. Since late 2014 the company has raised and deployed over $1 million in project loans. The corporate financing announced today will help accelerate the growth of CoPower's team and technology platform, which will open to the public in early 2016.
"CoPower's goal is to democratize impact investing and unlock capital for climate change solutions," said David Berliner, founder and CEO of CoPower. "Our vision is that every Canadian should be able to own and invest in clean energy, and we are thrilled to have assembled a group of shareholders who will help drive that vision forward."
A number of the participants in CoPower's funding round are leaders in impact investing in Canada. Impact investments are those that intentionally generate positive social or environmental impact alongside financial returns.
For James Van Bergh, president of Innovation Support, for-profit businesses can play a key role in addressing many important challenges. "CoPower sits at the intersection of exciting trends in investing and energy. Taking a market-based approach, CoPower is driving sustainable solutions to reduce reliance on fossil fuels, and is empowering individuals to do the same."
Among CoPower's backers is RBC, Canada's largest financial institution.
"CoPower is building a marketplace for investments that deliver blended social and financial value," said Sandra Odendahl, Director of Corporate Sustainability and Social Finance, RBC. "We recognize the value this type of platform can offer investors, and are excited to support CoPower as they make impact investing accessible to the Canadian public."
CoPower's clean energy investment products are currently open to accredited investors.
For further information: Julie McCarthy, BlueSky Communications, firstname.lastname@example.org, 416.929.8253