Canadian clean energy fintech company CoPower Inc. announced on Monday it has secured $2 million in equity financing to further scale its successful investment platform. The round was led by Fondaction CSN, a Montreal-based pension fund and included other existing shareholders such as the Royal Bank of Canada and Innovation Support, as well as new investors Ferst Capital Partners and Laurie Thomson, among others.
To date, CoPower, which was founded in 2013, has reportedly raised over $12 million in loans for community-scale clean energy projects, including LED lighting retrofits and geothermal heating and cooling for homes, that generate measurable carbon reductions and strong financial returns. CoPower revealed that while opportunities to invest in clean energy infrastructure have generally been restricted to institutional and high net worth investors, its flagship Green Bonds, which is available through a simple online platform, now allows everyone to participate.
Speaking about the funding round, David Berliner, CoPower’s co-founder and CEO, stated:
“We are thrilled to bring together a range of values-aligned shareholders, including institutional investors like Fondaction and the Royal Bank of Canada, as well as leading fintech investors like Ferst Capital Partners.”
Raphael Bouskila, CoPower’s co-founder and President, also commented:
“Our vision is to provide simple financial products, like our Green Bond, that offer solid returns for all types of investors, and that at the same time help finance the clean energy economy. This corporate round of financing gives us additional resources to continue to serve our clients and to deliver on that vision.”
Stéphan Morency at Fondaction CSN added:
“Being the preferred partner in smaller, innovative sustainable infrastructure in Quebec, we’ve seen first-hand what a challenge it is for these clean energy projects to access financing. CoPower’s innovative approach to filling that gap through crowd-investing shows that they are natural partners for us and our entire ecosystem by trying to accelerate the energy transition through technology and financial innovation. We are delighted to reaffirm our support of the company and its management.”
CoPower’s Green Bonds offer up to 5% interest annually and are available through CoPower’s online platform as well as through select financial advisors and brokerages.