Montreal, QC -- CoPower, a clean energy financing and investment company, announced today that it has received $300,000 from Fondaction CSN, in order to help accelerate CoPower’s continued growth and ability to raise and deploy clean energy capital.
CoPower works to unlock private capital for climate solutions by making it easy for Canadians to invest in clean energy. The company facilitates investment in community-scale clean energy projects that generate measurable carbon reductions and strong financial returns.
“Fondaction has a 20 year track record of supporting and growing socially and environmentally responsible businesses like CoPower. We’re thrilled to find in them both a mission-aligned investor and a strategic partner,” says David Berliner, CoPower’s founder and CEO.
“Our goal is to democratize access to clean energy investment products that meet the financial needs of all types of investors while serving the dual purpose of tackling climate change,” Berliner continues. “Fondaction’s investment gives us additional resources to scale quickly and strategically and to deliver on that vision.”
Since closing an equity seed round led by Innovation Support and including RBC in late 2015, CoPower has raised and deployed nearly $6 million for clean energy project loans across North America, launched its online platform and made its first offering of retail-accessible green bonds in February of this year.
Fondaction, originally mandated by the Quebec Legislature, is known for leading the pack when it comes to socially responsible institutional finance. The fund specifically supports companies working toward creating a greener and more equitable economy, and has been active in the low carbon economy with recent investments in Coop Carbone and Energère, an energy efficiency firm, in addition to CoPower.
This investment can also be seen as part of a broader trend of established financial institutions partnering with disruptive fintech firms.
“Fondaction is proud of this innovative and outstanding responsible finance initiative. CoPower’s approach towards green infrastructure funding democratization and their recognized expertise in crowdfunding demonstrate that they are natural partners for us and complement our role within the financial ecosystem. We are delighted to get involved ”, stated Geneviève Morin, Investment Chief at Fondaction CSN.
CoPower’s second Green Bond offering is projected for late fall 2016.
About CoPower: Founded in 2013, CoPower is a clean energy financing and investment company headquartered in Montreal with offices in Toronto. CoPower helps individual investors place capital into clean energy and energy efficiency projects that generate strong returns and carbon savings. The company has $7.3 million in assets under management with nearly $6 million deployed to projects. Learn more at https://copower.me/en/.
About Fondaction CSN:Created in 1996, Fondaction is a labour-sponsored fund with assets in excess of one billion dollars collected as retirement savings from more than 131,000 shareholders. Fondaction's direct investments and those made through investment funds support the development of more than 1 050 SMEs in different lines of business, in large part involved in various components of the social economy. Learn more at http://fondaction.com/
For more information or interviews please contact:
Lauryn Drainie, Marketing Manager, CoPower, lauryn.drainie (at) copower.me
Isabelle Monette, Public Affairs, Fondaction CSN, isabelle.monette (at) fondaction.com