Industrial Policy & Trade Monitor· 2663 actions· ✨ 89 recent

On 20 January 2026, Canada Growth Fund Inc. (CGF), a CAD 15bn federal Crown investment vehicle, invested US$25 million into Cyclic Materials Inc., a Kingston, Ontario-based rare-earth recycler. The investment forms part of a US$75 million Series C preferred-equity round led by T. Rowe Price Associates, with continued participation from existing investors; CGF's US$25 million contributes roughly one-third of the total raise. Proceeds expand Cyclic's Kingston Center of Excellence and Canada-based R&D footprint and accelerate commercial deployment of its Hub-and-Spoke recycling process, which recovers magnet metals (rare-earth oxides) from end-of-life products and manufacturing scrap at a stated 98%+ recovery rate.

On 15 January 2026, Canada Growth Fund Inc. (CGF), a CAD 15bn federal Crown investment vehicle, announced it will lead an up to US$85 million structured financing for Mangrove Water Technologies Ltd. (Mangrove Lithium), a British Columbia-based lithium refiner. CGF's own commitment is up to US$65 million, alongside continued participation from existing investors Breakthrough Energy Ventures and BMW i Ventures; the CGF tranche closed concurrently with a separate CAD 9 million loan from National Bank of Canada backed by the federal Clean Technology Manufacturing Investment Tax Credit. Proceeds commission Mangrove's 1,000-tonne-per-annum Single Stack Plant in Delta, BC and advance development of a planned 20,000-tonne-per-year full-scale plant, with the government citing the deal as reducing reliance on overseas lithium processing and building an onshore mining-to-refining supply chain.

On 23 October 2025, Canada's federal Canada Growth Fund (CGF) and the Government of Ontario's Building Ontario Fund (BOF) announced an equity commitment agreement to finance the Darlington New Nuclear Project (DNNP) small modular reactor (SMR) build, led by Ontario Power Generation (OPG). CGF committed up to CAD 2 billion (USD 1.43bn) for a 15% minority stake and BOF committed up to CAD 1 billion (USD 713.5m) for a 7.5% minority stake, with OPG remaining majority owner and operator. The combined CAD 3 billion package funds construction of four grid-scale SMRs — the first commercial SMR deployment among G7 nations — targeting first-unit grid connection by end-2030.

On 1 October 2025, Canada Growth Fund Inc. (CGF), a CAD 15 billion federal Crown corporation, committed CAD 30 million as part of a growth investment in Cascadia Windows & Doors, a British Columbia-based manufacturer of high-performance fiberglass windows and doors, led by private-equity firm MKB Equity Partners with additional participation from Blue Earth Capital. Per CGF's own FY2025 annual report, the commitment totals CAD 31 million including CAD 1 million in partnership fees and expenses, of which CAD 19.1 million was deployed during Fiscal 2025. CGF states the capital will fund expansion of Cascadia's manufacturing capacity and North American market footprint, accelerating deployment of fiberglass window systems that support buildings-sector decarbonization (Cascadia's products claim up to 250% improved thermal performance versus aluminum frames and ~58% recycled content).

On 3 June 2025, Canada Growth Fund Inc. (CGF), a CAD 15bn federal Crown investment vehicle, announced a second financing commitment of up to CAD 138 million (approx. USD 100.6 million) to Eavor Technologies Inc., a Calgary-based advanced closed-loop geothermal technology company. The commitment structures as CAD 89 million at financial close and a further CAD 48 million contingent on Eavor meeting predetermined development milestones, and is intended to accelerate commercial deployment of Eavor's Eavor-Loop technology. This follows CGF's initial CAD 90 million investment in Eavor in October 2023.