Fondaction, majority investor in the Circular Economy Fund, announced Thursday the addition of the Lucie and André Chagnon Foundation to the group.
Committing $ 3 million to the Fund, the Lucie and André Chagnon Foundation intends to increase its investment to $ 5 million. “We are convinced, like many of our partners, that by focusing on socio-ecological transition and therefore on optimizing the use of our resources, we will be able to reduce our environmental footprint and contribute to the well-being of all. as well as communities, ”said the president, Jean-Marc Chouinard, in a press release.
A large wealth manager also invested $ 2 million in the Circular Economy Fund. These amounts are in addition to Fondaction’s $ 10 million stake.
Launched in March 2021 with RECYC-QUÉBEC, which allocates an envelope of $ 3 million in grants to financed businesses, and the City of Montreal, the Fund finances and supports Quebec SMEs in their ecological transition by reducing the production of residual materials as well as ” by supporting their recovery, in addition to reducing GHG emissions.
“As designer, first private investor and manager of the Circular Economy Fund, Fondaction is achieving its objective of setting up investment vehicles that respond to environmental and social issues while allowing other financial players to invest and exercise leadership with us focused on amplifying positive spinoffs, ”shared Marc-André Binette, Deputy Chief Investment Officer at Fondaction.
Two investments have already been made by the Circular Economy Fund. The first in Still Good, a food manufacturer that makes its products from spent grain from Montreal microbreweries. The second in Onym, a company specializing in greenhouse gas (GHG) reduction through the production of bioenergy and bioproducts and through the recovery of wood residues.