International capital finds a fit in Alberta with game-changing clean fuels technology
London, UK – June 27, 2024 – Alberta showed up in a big way with the Canada delegation at the Canada-UK Business Summit on June 26, demonstrating the impact that is possible for the global business community when international capital meets opportunity in Alberta’s clean energy sector.
Ralph Goodale, High Commissioner for Canada in the UK, Matt Jones, Minister of Jobs, Economy and Trade (Government of Alberta), Rick Christiaanse, CEO of InvestAlberta, Clark Grue, President and CCO of ClearSky Global, and Darren Engels, CEO of Tailwind Ventures took to the stage to announce a landmark investment in Alberta-based cleantech.
Alberta leads Canada’s energy sector and boasts one of the world’s top cleantech ecosystems – where a deep history in resource management combines with leading-edge innovation and a culture of entrepreneurialism and collaboration to address pressing global energy challenges. ClearSky Global, based in Calgary, Alberta, will produce economically viable low-carbon alternative fuels. This commitment to finding viable solutions for the modernization of the energy industry is one that resonates with ESG-minded investors around the world.
On the Summit stage, Minister Jones shared the news of ClearSky’s landmark financing – over C$230 million raised to commence deployment of their technology across Canada. Tailwind Ventures facilitated a dynamic cross-border investment with a private international ESG investment group, making the ClearSky deal the 5th largest early-stage venture capital raise in the clean fuels space ever, globally and the largest in Canadian history1.
“Alberta is the best place to invest for companies looking to grow while pursuing the highest standards of ESG performance,” says Rick Christiaanse, CEO of Invest Alberta. “Companies such as ClearSky strengthen Alberta’s leadership role in the global energy transition and cleantech ecosystem, and it’s fantastic to see that the dedicated venture development support from Tailwind enabled ClearSky to attract international capital. We look forward to the positive outcomes from ClearSky's solutions."
ClearSky exemplifies the Alberta tradition of solving difficult problems through collaboration and they are committed to maintaining Canada’s long-standing reputation for corporate transparency, accountability, and social responsibility. ClearSky brings proven technology to bear in a novel solution for fuel production.
The seasoned management team recognized that combining existing technologies with innovative applications could cleanly and efficiently convert natural gas into high-quality, low-carbon diesel and jet fuel.
“ClearSky’s conversion process has no toxic emissions,” says Clark Grue, President and CCO of ClearSky. “We have a remarkable efficiency in this application – both in terms of the feedstock required and the cost per litre to produce.” Grue says the company believes that the use of ClearSky aviation and transportation fuels could see a 15-30% reduction in greenhouse gas (GHG) emissions compared to refined fuels. “ClearSky is the result of international collaboration with the technology founders, Tailwind Ventures and their capital providers. We’re proud to put this investment to work to create jobs in Alberta and Canada and to lower global GHG emissions,” says Grue.
Operating on a thesis of connecting excellent companies with capital, Tailwind Ventures supported ClearSky to diligently prepare for fundraising, and ultimately facilitated the connection with an international group focused on ESG investing. “Alberta has an abundance of great people with great ideas, and that’s thanks to the thriving culture of innovation and entrepreneurship here in Calgary,” says Darren Engels, CEO of Tailwind. “Ventures need to compete harder than ever before for investors’ time, attention, and capital. ClearSky was prepared and committed to an in-depth preparedness process which enabled them to stand out among the competition and ultimately attract serious capital. International capital providers are often in a position to make a major impact, and our job is to make sure they know about the remarkable opportunities here in Alberta”, says Engels.
Coming out of the 2024 Canada-UK Business Summit, the ClearSky team is energized. “The reception from business and government leaders in London was overwhelmingly positive, and we were delighted to be there with support from the Government of Alberta and InvestAlberta,” says Grue. “Once we’re operational, we’ll be in a position to make a material impact on emissions and do our part for the modernization of the energy industry.”
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[1] 5th largest early-stage VC raise in the clean fuels space, all-time, globally and the largest in Canadian history”; based on Pitchbook data as of June 13, 2024.