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 for a direct deal (typical direct investment is $50M+), but that is not a dead end: CGF's cleantech funds strategy anchors Canadian growth equity managers who invest in exactly those companies, so the right move for a growth-stage cleantech company is often to target CGF-backed funds rather than CGF itself. CGF committed $75 million to Idealist Capital Fund II in July 2026, after $50 million to Idealist's inaugural fund in 2024. If you are a clean tech company at demonstration or commercialization stage with large capital needs, the most accessible direct 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. General enquiries: [email protected].

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

Canadian clean technology company or project developer with technology proven in pilots — demonstration or commercial scale — large capital needs ($25M+), a clear emissions reduction thesis, existing or committed private co-investors, and a credible path to commercial viability. Carbon capture, hydrogen, critical minerals, battery storage, and nuclear projects are strongest fits. Growth-stage companies below the direct-investment threshold should target the funds CGF anchors under its cleantech funds strategy.

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 (proven in pilots but not yet widely adopted — demonstration or commercialization stage qualifies), 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. CGF's published Investment Criteria are five qualitative tests: consistency with its goals, long-term benefits for Canada, additionality, financial soundness, and consistency with public disclosure sustainability-related principles.

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 companies without technology proven in pilots (pre-demonstration)
• Companies with investment needs under $25M (too small for a direct CGF investment)
• 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.