|
[news 2003-2004]
January 20, 2003
Tri-university venture funds target emerging technologies
in energy and the environment
KINGSTON, ON -- Emerging technologies in energy and
the environment have received a boost with the launch
of more than $7 million in venture funds sponsored by
three Ontario universities. Queen's University's
PARTEQ Innovations, University of Toronto's Innovations
Foundation, and the University of Guelph, in partnership
with Skylon Capital Corp., are pleased to announce the
introduction of VentureLink Brighter Future Community
Small Business Investment Funds (I) and (II) Inc. These
funds, worth a total of $7.2 million, will be used to
fund innovative technologies in the infrastructure and
"essential services" industries, such as energy,
water and waste management.
Eligible enterprises developing these technologies include
those being developed by researchers at Queen's University,
University of Toronto, and University of Guelph, as
well as by Ontario-based graduates of any of the three
institutions. Enterprises with assets of less than $1
million are eligible for investments of up to $720,000
from each of the two funds, for a maximum total investment
per company of $1.4 million.
Skylon Capital Corp. of Toronto will manage the Brighter
Future funds. Skylon's VentureLink Group of funds are
labour-sponsored investment funds offering Canadians
investment opportunities in Canada's financial services
and technology sectors.
"We see considerable potential in these emerging
technology areas, and we are excited to be involved
with this innovative trio of universities for the Brighter
Future mandate," says Geoff Horton, Vice-President
of Skylon Capital Corp.
"Early-stage capital is an essential driver of
new technologies to the marketplace," says John
Molloy, President & CEO of PARTEQ Innovations. "The
Brighter Future funds fill an important need in the
development of innovative solutions in the energy and
environment sectors in Canada. These funds are a tangible
recognition of the calibre of research and development
in these vital areas by Ontario's entrepreneurs."
"With these two new funds, U of T now has six Community
Small Business Investment Funds (CSBIF), totalling $30
million and covering all sectors," says Dr. George
Adams, President and CEO of the Innovations Foundation.
"To date these funds have invested $11 million
in 24 companies, and have enabled these new companies
to attract a further $13 million in investment from
other venture capital investors and angel investors.
I look forward to combining technologies and sharing
commercialization knowledge with the partner universities,
allowing us to develop our best ideas in a timely fashion."
"Brighter Future presents us with a focused channel
of innovation in the energy and environment sectors
of the economy," says Chris McKenna, Associate
Vice-President (Research) at University of Guelph. "Increasingly,
the successful commercialization of creative solutions
to challenges in these sectors is of vital importance."
About Skylon Capital
Skylon Capital Corp., manager of the VentureLink Group
of funds, is a professional financial services firm
providing Canadian investors with high-quality, innovative
investment products to meet their investment needs.
http://www.venturelinkcorp.com/
About PARTEQ Innovations
PARTEQ Innovation is the technology-transfer arm of
Queen's University. It acts as a bridge between
the university and the marketplace, helping to bring
the benefits of scientific discovery to the public,
while generating income for the inventor and for the
university. PARTEQ provides advice and assistance to
Queen's researchers on matters relating to intellectual
property (IP) and commercialization, and enhances the
development of existing Canadian companies, and/or creates
new companies to advance university-generated intellectual
property.
www.parteqinnovations.com
About The University of Toronto Innovations Foundation
The University of Toronto Innovations Foundation's goal
is to maximize the impact of the more than $2 million
expended every day on research at Canada's leading university
and the affiliated institutions. Innovations Foundation
was founded in 1980 to help researchers capitalize on
unique opportunities in a variety of technologies. Innovations
Foundation is staffed by over 20 professionals with
a wide variety of technology and business experiences,
and is a leader in the field of technology commercialization.
Innovations Foundation also manages The Exceler@tor,
an incubator for growing technology companies.
http://www.innovationsfoundation.utoronto.ca/
About University of Guelph
The University of Guelph is one of the most research-intensive
universities in Canada and is internationally renowned
for its broad spectrum of research. The University of
Guelph receives more than $100 million in research funding
from government agencies and private sector partners.
www.uoguelph.ca
Contacts:
John Molloy
Chairman, GB Therapeutics Ltd. Board of Directors
President & CEO, PARTEQ Innovations
P: 613. 533.2342
Geoff Horton
Vice President, Skylon Capital Corp.
(416) 507-4110
|
