MaRS and RBC partner to support Canada's cleantech future with $3.5-million grant

New funding fuels programs to scale climate innovation, drive decarbonization and foster diversity in cleantech entrepreneurship.

TORONTO, Dec. 3, 2024 /CNW/ - MaRS Discovery District (MaRS) today announced a transformative $3.5-million grant from RBC, the largest climate-focused grant in RBC's history, to support cleantech innovation aimed at advancing climate technology and environmentally sustainable innovation across Canada. This collaboration underscores the important role of philanthropy in driving innovation to tackle some of the most pressing environmental challenges of our time.

The collaboration will continue to support the RBC Women in Cleantech Accelerator and launch the new UnCarbon Corporate Adoption Accelerator, a climate-focused initiative under the Mission from MaRS program. Currently aligned with the Better Buildings Mission, the UnCarbon Accelerator is designed to evolve and support companies addressing the various challenges brought on by climate change. These initiatives are designed to help overcome barriers of scaling climate-tech solutions, empower  early-stage ventures to expand their innovations globally and assist corporations in developing decarbonization strategies.

"Philanthropy is a catalyst for innovation, particularly in such sectors as cleantech where bold ideas need strong support to reach their full potential," said Alison Nankivell, CEO of MaRS. "This historic grant from RBC will have an important impact on advancing Canada's cleantech sector. Together, we are empowering firms to turn ambitious decarbonization goals into tangible impact and creating a scalable path to net zero."

Through this collaboration, MaRS and RBC will also drive community engagement efforts, including the continuation of the RBC Women in Cleantech Accelerator, which supports early-stage women entrepreneurs in the climate innovation ecosystem, and industry coalition-building activities done through Mission from MaRS. To date, ventures in this program have collectively raised more than $35 million in capital and secured more than 150 investor introductions.

"At RBC, we believe addressing climate change requires new technologies and collaborative relationships," said Andrea Barrack, senior vice president of sustainability and impact at RBC. "This is the largest community investment RBC has ever made to a climate-focused initiative, reflecting our commitment to supporting the transition to a net-zero economy and driving the adoption of Canadian cleantech innovations that can help make a difference. Together with MaRS, we're supporting solutions for a more environmentally sustainable future while addressing urgent environmental challenges."

The collaboration builds on MaRS's strong track record of fostering cleantech innovation. In the past six months alone, MaRS facilitated connections between more than 75 ventures and more than 30 corporate partners, resulting in 15 commercial agreements. The RBC UnCarbon Corporate Adoption Accelerator joins a suite of MaRS climate initiatives within the Mission from MaRS program. These include Canada's first drone tree-planting contract; a waste management fleet electrification project with the City of Toronto; and the Better Buildings Adoption Accelerator, which focuses on reducing the carbon footprint of the built environment.

Together, MaRS and RBC are helping create a cleantech ecosystem that balances economic growth with environmental stewardship, paving the way for Canada to lead on the global stage in climate innovation.

About MaRS Discovery District

MaRS Discovery District is North America's largest urban innovation hub. A registered non-profit, MaRS supports high-growth startups and scale-ups tackling key issues in health, cleantech, fintech and other sectors. In addition, MaRS convenes all members of the tech ecosystem to drive breakthrough discoveries, grow the economy and make an impact by solving real problems for real people — in Canada and around the world.

SOURCE MaRS Discovery District

Media Relations Contact: MaRS media relations contact: Amanda Whalen [email protected]; Wendy Bairos [email protected]