Canada Growth Fund

Insider Tip

This is not a grant — approach CGF like a growth equity investor, not a government program. Most SMEs are too small (typical deal is $50M+). If you're a clean tech company at late stage, the most accessible entry is the offtake agreement model: CGF commits to buying your production (carbon credits, critical minerals, clean hydrogen), which you use as committed revenue to raise private capital. Prepare an investment deck, not a grant application.

Rejection Pitfalls 7

• Too small — investment need under $25M
• Early-stage technology (pre-demonstration, TRL 1-6)
• No Canadian presence or economic benefit

Success Profile

Late-stage Canadian clean technology company or project developer with proven technology at demonstration or commercial scale, large capital needs ($25M+), clear emissions reduction thesis, existing or committed private co-investors, and credible path to commercial viability. Carbon capture, hydrogen, critical minerals, battery storage, and nuclear projects are strongest fits.

Evaluation Criteria

Investment evaluated by PSP-managed CGFIM team using institutional investment criteria: alignment with CGF mandate (emissions reduction, clean technology, low-carbon supply chains), additionality (CGF investment must unlock private capital that would not otherwise materialize), technology readiness (TRL 7+ preferred, proven in pilots or demonstration), scale of climate impact (quantified emissions reduction potential), financial viability and return potential, management team strength, Canadian economic benefit (jobs, IP, supply chain), and co-investment from private capital partners.

Application Steps

Required Documents 9

Eligible Expenses 9

• Commercial-scale deployment of proven clean technologies
• Carbon capture, utilization, and storage (CCUS) infrastructure
• Critical minerals extraction, processing, and refining
• Clean hydrogen production facilities
• Battery storage and energy storage systems
• Small modular reactor (SMR) development and deployment
• Geothermal energy technology scaling
• Low-carbon supply chain transformation projects
• Clean technology manufacturing scale-up

Ineligible Expenses 6

• Early-stage research and development (pre-demonstration, TRL 1-6)
• General corporate overhead not tied to the funded project
• Projects without emissions reduction or clean economy thesis
• Projects that can be fully funded by private capital without CGF (no additionality)
• Technologies not related to clean technology or low-carbon supply chains
• Projects without Canadian presence or economic benefit

Intake Periods

Rolling basis year-round. No competition rounds or deadlines. CGF actively sources deals through its investment team, industry events, co-investor networks, and direct outreach. Companies can also submit inquiries through cgf-fcc.ca. Fund has significant undeployed capital ($15B total, $3B+ committed). Deal formation is proactive on both sides.

Deadline Notes

No deadlines — investment opportunities accepted on rolling basis. Submit through cgf-fcc.ca/en/contact/. Fund is in active deployment with billions still available.

Open Application Portal →

Ineligible Organizations

• Early-stage startups without proven technology (pre-TRL 7)
• Companies with investment needs under $25M (too small for CGF's mandate)
• Companies without Canadian operations or economic benefit
• Companies not in clean technology, low-carbon supply chains, or emissions reduction sectors
• Companies that can fully finance through private markets without government de-risking (no additionality)
• Foreign companies without substantial Canadian nexus

Compatible Programs

Clawback Risk

Low Risk

Low for equity (standard shareholder rights). Moderate for debt (standard loan default provisions). For carbon contracts for difference: failure to deliver contracted carbon credits could trigger contract penalties or unwinding. CGF investments are structured to be commercially viable, not grant-like, so 'clawback' manifests as standard investment loss/recovery rather than government contribution recovery.