"Entropy is excited to partner with CGF in re-establishing Canada as a world-leading CCS market," said Mike Belenkie, President and CEO of Entropy. Entropy's modular CCS technology is relevant across Canada's hard-to-abate industries, which represent an important challenge and opportunity for Canada to tackle as it works towards its emissions objectives. "CGF is able to deliver complex transactions such as this thanks to PSP Investments' rigorous and established processes and arm's length governance model."Įntropy aligns well with both aspects of CGF's mandate: it is a Canadian-based CCS company with an innovative technology solution and a skilled team of Canadian experts focused on expanding the use of CCS technology in Canada and globally. Orida, President and CEO of Public Sector Pension Investment Board ("PSP Investments"). "I am very proud of the investment, technical, and execution expertise that the Canada Growth Fund Investment Management team is bringing to the CGF mandate," said Deborah K. A second pillar is to scale promising Canadian clean technology champions that can help create value for Canadians. One pillar of CGF's mandate is to invest in projects and technologies, including CCS, that hold significant potential to reduce emissions across the Canadian economy. " The CGF Investment Management team is pleased to deliver this inaugural transaction in Alberta's carbon market, and we look forward to putting additional capital to work across Canada in the months ahead." "With its abundance of natural resources, access to high-quality geological storage, and sophisticated engineering know-how, Canada is the best place in the world to build a CCS industry," said Patrick Charbonneau, President and CEO of Canada Growth Fund Investment Management Inc. This financeable structure helps to de-risk and accelerate private CCS investment by establishing carbon price certainty for Canadian projects. The features of the CCO-notably its large scale and its long-term fixed-price-represent a global first in compliance markets. This strategic growth partnership represents an important new investment in Canadian carbon markets. ("Entropy" or the "Company"), a Calgary-based developer of technologically-advanced carbon capture and sequestration ("CCS") projects with the potential to significantly reduce emissions in Canada and worldwide.ĬGF has agreed to a $200 million investment in Entropy coupled with a fixed-price carbon credit purchase agreement ("Carbon Credit Offtake Commitment" or "CCO") of up to one million tonnes per annum ("tpa"). (TSX: AAV) ("Advantage") today announce that CGF has entered into a strategic investment agreement with Entropy Inc. (NYSE: BAM, TSX: BAM) and Canada Growth Fund Inc. 21, 2023 (GLOBE NEWSWIRE) - Brookfield Asset Management Ltd.
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