Canada Growth Fund
Eligibility & Details
What this program funds and who can apply
Program Description
A $15 billion government-backed investment fund that takes equity stakes, provides debt financing, and enters carbon contracts to support Canadian clean technology companies at scale. This is NOT a traditional grant — it operates like a strategic growth equity fund managed by PSP Investments. Investments typically range from $25M to $200M in carbon capture, critical minerals, hydrogen, clean energy, and battery storage. Designed for late-stage companies ready to scale.
Eligibility Requirements
- Canadian-based or Canadian-benefiting companies at commercial or near-commercial scale
- Technologies must address emissions reduction or clean economy growth
- Investment need typically $25M+ (fund does not make small investments)
- Must demonstrate that CGF investment unlocks additional private capital (additionality)
- Three verticals: emissions-reducing projects, clean technology SMEs, low-carbon supply chains
Quick Assessment
Funding Details
- Amount
- $25,000,000 to $200,000,000+
- Type
- Program
- Level
- Federal
- Co-Funding
- Up to 100% of eligible costs
- Deadline
- Ongoing
Program Scorecard
Competition, effort, and approval at a glance
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How to Win
Insider tips, common pitfalls, and what successful applicants look like
Insider TipThis 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.
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Rejection Pitfalls 7
- Too small — investment need under $25M
- Early-stage technology (pre-demonstration, TRL 1-6)
- No Canadian presence or economic benefit
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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.
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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.
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Application Playbook
Step-by-step process, required documents, and expenses
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
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Funding Stack Strategy
Compatible programs, clawback risk, and combined funding potential
Compatible Programs
Clawback Risk
Low RiskLow 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.
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How Canada Growth Fund Compares
Side-by-side with similar programs
| Program | Amount | Difficulty | Payment | Deadline |
|---|---|---|---|---|
| Canada Growth Fund | $25,000,000 to $200,000,000+ | Hard | Equity | Ongoing |
| Strategic Response Fund (formerly Str... | Up to $50 million | Hard | Mixed (Advance + Reimb.) | Ongoing — continuous... |
| CanExport SMEs | Up to $50,000 | Moderate | Mixed (Advance + Reimb.) | Annual intake window.... |
| Ocean Supercluster | Up to $5 million | Hard | Reimbursement | Call-specific — no open... |
| Ontario Innovation Tax Credit | Up to 8% tax credit | Moderate | Tax Credit Offset | Ongoing |
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