Category: News

Montreal, June 8, 2011—Cycle Capital Management (Cycle Capital) Inc. today announced a $2.5 million Cycle Capital Fund I LP investment in a new company, American Aerogel Corporation (AAC), that develops and commercializes Aerocore^®, a more efficient thermal insulation.

“At Cycle Capital, we’re committed to finding outstanding entrepreneurs in the cleantech sector and identifying the most promising innovations that have the potential to transform their market,” said Andrée-Lise Methot, founder and senior partner of Cycle Capital. “Today’s announcement is a confirmation of that commitment. Once again, we are pleased to participate in the development of such an innovative organization.”

‘’American Aerogel is very excited to have Cycle Capital as a new partner. Cycle Capital’s investment will allow AAC to expand its manufacturing capacity to meet demand in current and future markets,’’ said Jay McHarg, General Manager of American Aerogel. ‘’ In addition to the funding, our Company looks forward to the strategic value that Cycle Capital will add through its extensive network of industry partners and its experience in accelerating the growth of cleantech companies ‘’.

With this first investment, American Aerogel Corporation becomes the 10^th company to receive funds from Cycle Capital. Today’s announcement is in line with Cycle Capital’s investment strategy for all of north-eastern North America. Cycle Capital intends to deploy its platform across this territory while remaining a leader in financing innovation in Quebec companies in the cleantech sector. As of May 31 of this year, Cycle Capital has invested $42.9 million, of which $35.6 million is in Quebec.

About American Aerogel Corporation (AAC)

ACC has developed, manufactures and sells an aerogel-based insulation product that significantly outperforms other thermal insulation materials in the market, with an R-value greater than 50 per inch. Aerocore^® is an advanced insulation used, among others, in the shipping of temperature-sensitive biomedical and pharmaceutical products. In addition to refrigerated containers, AAC is expanding its market by developing insulation products specifically designed for refrigerated trucks and intermodal containers. Some of the benefits of using Aerocore^®

include increased energy efficiency, greater payload space, a reduction in the deterioration of shipped goods and reduced shipping and transportation costs. American Aerogel Corporation is headquartered in Rochester, New York.

About Cycle Capital Management (Cycle Capital)

Cycle Capital is a pioneer among Canadian venture capital funds focused on the cleantech sector. The fund invests in companies developing and commercializing clean technologies and projects in renewable energy generation that are focused on reducing greenhouse gas emissions, optimizing resources use, and decreasing impacts over their entire life cycle.

With nearly $125 million under management, Cycle Capital invests primarily in the north-eastern of North America. The fund has assembled a team of investment professionals, advisors and strategic partners, internationally respected for their combined experience in building, nurturing and growing world class companies. Cycle Capital benefits from a privileged relationship with its strategic partners including Brookfield Renewable Power, Rio Tinto Alcan, Cascades, The Master Group L.P, Lonza, Gaz Métro and Systemex Energies.

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 For more information: Isabelle Perras, 514 282-4630, [email protected]

Cycle Capital Management (CCM) Inc. has today announced an additional 3.5 million-dollar investment by Cycle Capital Fund I, L.P. in Enerkem, a leading Quebec business specializing in converting waste into clean fuel, alongside a much larger round with a number of highly respected US investors at a significant increase in value.

“Cycle Capital invests in companies developing and commercializing clean technologies, and Enerkem offers significant opportunities for growth in this sector. Our financial support will, among other things, allow Enerkem to retain its position among the world leaders in the second- generation biofuels industry,” said Andrée-Lise Méthot, Founder and Senior partner of Cycle Capital Management (CCM) Inc. “We are always very pleased to be able to accompany companies like Enerkem, who share our approach and vision, in achieving its objectives.”

“We are proud to have Cycle Capital reinvest in our company,” said Vincent Chornet, president and chief executive officer of Enerkem. “Cycle Capital and Enerkem are pioneers in the cleantech and renewable energy sectors, and together we are propelling our contribution and reach in these fast-growing industries.”

This reinvestment brings to $ 7 million Cycle Capital’s participation in Enerkem. To this date, the Cycle Capital Fund portfolio includes nine companies, for a total in investment of $ 39.7 million.

About Enerkem

Enerkem is pioneering a new line of chemicals and fuels made from garbage instead of oil or other fossil fuels. Enerkem’s cost-effective technology uses waste materials, such as unrecyclable household garbage, demolition debris and used utility poles to create advanced ethanol, acetates and other useful clean chemicals that form our everyday products. The company currently operates two facilities in Quebec and in 2010 began construction of a municipal waste-to-biofuels plant in Alberta. In 2011, Enerkem will break ground on a similar facility in Mississippi for which it was awarded US$130 million from the USDA and U.S. DOE. Enerkem was named one of the World’s 50 Most Innovative Companies by Fast Company Magazine in 2011. www.enerkem.com

About Cycle Capital Management (CCM)

Cycle Capital is a pioneer among Canadian venture capital funds focused on the cleantech sector. The fund invests in companies developing and commercializing clean technologies and projects in renewable energy generation that are focused on reducing greenhouse gas emissions, optimizing resources use, and decreasing impacts over their entire life cycle.

With nearly $ 125 million under management, Cycle Capital invests primarily in the north-eastern of North America. The fund has assembled a team of investment professionals, advisors and strategic partners, internationally respected for their combined experience in building, nurturing and growing world class companies. Cycle Capital benefits from a privileged relationship with its strategic partners including Brookfield Renewable Power, Rio Tinto Alcan, Cascades, The Master Group L.P, Lonza, Gaz Métro and Systemex Energies. www.www.cyclecapital.com

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For more information: Isabelle Perras, 514 282-4630, [email protected]

UTILICASE announced today that it has successfully completed the last round of financing required to fuel its carefully planned profitable growth strategy. UTILICASE has concluded a $5Millions investment deal with Cycle Capital Fund I, a Clean Technology Investment Fund. This deal is the last round of a total of $10Millions investment concluded during the last six months.

The profitable growth strategy of UTILICASE is structured around the fast growing market of its Asset Care Optimization and Investment Planning EPS-M product worldwide. This will significantly leverage its Business/IT Consulting and System Integration Activities.

“The deal with Cycle Capital that is the last piece in a total of $10Millions investment concluded during the last six months will allow UTILICASE to accelerate the execution of the take-to-market strategy of its flagship Asset Care Optimization and Investment Planning Product EPS-M and provide additional investment for the continuous development of Innovative solutions in the IT and Operation Technology for the Power Utilities”, added Mr. Forget.

“UTILICASE offers a technology which will allow the optimization in real time of electrical production management. With this new tool, the UTILICASE team is revolutionizing practices both in the asset management and in the production of energy ” indicated Andrée-Lise Méthot, Founder and Senior partner of Cycle Capital Management (CCM ) Inc.

UTILICASE has successfully launched its EPS-M3.3 flagship product on February 2, 2011 at Distributech in San Diego, CA.

About UTILICASE
UTILICASE is an industry leader in asset care optimization and IT solutions for power Utilities. The company’s EPS-M software is an asset management software platform designed to help power companies optimize and manage resources. The company also houses a consulting arm that provides integration and technology management services to utilities. For more information, visit www.utilicase.com.

About Cycle Capital Management (CCM)
Cycle Capital Management (CCM) Inc. is a private fund manager that focuses its investments on companies developing and marketing clean technologies and renewable-energy that are focused on reducing greenhouse gas emissions, optimizing resources use, and decreasing impacts over their entire life cycle. For more information, visit www.www.cyclecapital.com .

Media Contact :

UTILICASE :
Spero Mensah, Chief Strategy Officer, 425-241-8379 – [email protected]
SmartMark Communications SmartMark Communications, Lyndsay Cherry, +1-215-504-4272 – [email protected]

CYCLE CAPITAL MANAGEMENT (CCM)
Andrée-Lise Méthot, Fondatrice et associée principale, 514 495-1022 – [email protected]

The Minister of Economic Development, Innovation and Export Trade, Clément Gignac, announced the closing of the Seed Fund Cycle-C3E and said it is now ready to invest in companies specialized in the cleantech sector. The Minister was joined for the occasion by Jacques Daoust, President and Chief Executive Officer of Investissement Québec; Janie C. Béïque, Senior Vice President, Nouvelle économie du Fonds de solidarité FTQ; and Andrée-Lise Méthot, Founder and Senior Partner of Cycle Capital Management (CCM) Inc.The fund aims to increase available capital for the early-stage financing of companies specializing in clean technologies. This is one of three seed funds in the technology sector announced by the Québec government.

“This seed fund will allow Québec to expand its venture capital offer for cleantech companies. It is important that seed funding be allocated to those firms interested in transitioning from basic research to the application and commercialization of clean technologies. Growth in this sector is worldwide, and the Government of Québec wants to innovate by taking part in ‘green’ investments, which will help Québec companies evolve,” said Minister Clément Gignac.

The Seed Fund Cycle-C3E is managed by a seasoned team with extensive experience in financing technology companies and a solid business network with venture capital funds in Québec, Canada, and the United States. With the support of industrial partners engaged in value creation, the Seed Fund Cycle-C3E is able to complete the value chain to create thriving technology-based companies. This ecosystem, unique to Cycle Capital Management (CCM), provides the opportunity to close the gap between the technology demonstration phase and commercialization.

“Cycle Capital Management (CCM) is delighted to welcome the Seed Fund Cycle-C3E to its platform, which already benefits from the valuable contribution of industrial partners to validate both the technology and the market. Their contribution allows the portfolio to develop at an accelerated pace. Rio Tinto Alcan, Lonza, Gaz Métro and Systemex are the new industrial partners in this second fund and join the industrial partners from the first fund, namely Brookfield Renewable Power, Cascades and the Master Group. Additional sponsors include the Centre d’excellence en efficacité énergétique (C3E), the Fonds de développement économique LaPrade St-Maurice Inc. and Fondaction, le Fonds de développement de la Confédération des syndicats nationaux pour la coopération et l’emploi” notes Ms. Andrée-Lise Méthot, Founder and Senior Partner of Cycle Capital Management (CCM) Inc.

Funding is provided by various limited partners, including the Government of Québec ($16.5M), through Investissement Québec, the Fonds de solidarité FTQ ($10.9M) and FIER Partenaires ($5.6M), for a total of $33M. An additional $9M in private funding is provided by leading industrial partners from Québec and abroad.

“As a sustainable development player since its creation, the Fund recognizes the importance of establishing practices to protect the environment and improve energy efficiency, and encourages Québec companies to adopt such measures. With this in mind, the Fund became a partner in the first Cycle Capital Fund I. Our investment in this second fund is in response to an important need for financing early-stage companies. We firmly believe that Québec can succeed in this high-growth sector,” says Ms. Janie C. Béïque, Senior Vice President, Nouvelle économie du Fonds de solidarité FTQ.

The closing follows a rigorous process in which promoters were asked to comply with specific conditions such as the signing of employment contracts by key persons, due diligence and a Limited Partnership Agreement signed by all investors involved in the fund.

The capitalization of this fund will be at least $41.5M, and this sum will be invested in companies in Québec. The team at Seed Fund Cycle-C3E can also raise additional funds from private investors for investment in companies outside of Québec.

About seed funds for technology companies
In its 2009–2010 Budget, the Government of Québec announced the creation of three seed funds for technology companies awarded by calls for tenders. In so doing, the government aimed to increase available seed financing for technology companies based in Québec, promote the recruitment of experienced staff to manage these new funds, secure this and other funding further up the financing chain, and broaden the range of the seed financing sector in Québec.

The selection process was conducted by an independent committee of industry experts chaired by Martin Godbout, former Chairman and CEO of Genome Canada.

Seed funds invest in the first stage of business development. The company may be in the process of creation or at the very beginning of its activity, but its business model has not yet been validated.

Seed Fund Cycle-C3E is one of the three seed funds for technology companies announced by the Government of Québec. On October 26, 2010, Minister Clément Gignac announced the closing of Fonds d’investissement Réal, which specialized in information technology and was designed to stimulate innovation and entrepreneurship.

About Cycle Capital Management (CCM) Inc.
A pioneer among Canadian venture capital funds in the cleantech sector, Cycle Capital brings together a unique group of investment professionals, strategic advisors and sustainable development experts who have an in-depth knowledge of the clean technologies and business sector. Cycle Capital Management supports the development of companies by giving talented entrepreneurs access to its resources and an innovative approach based on “lifecycle thinking,” which enables them to accelerate the adoption of their technologies by the market and to become a leader in their sectors of activity. www.www.cyclecapital.com

About Investissement Québec
Investissement Québec’s mission is to promote investment in Québec, contributing to economic development and job creation in all regions. Since its creation, the Society has allowed the realization of investments of over $58 billion and the creation of nearly 179,000 jobs. For more information, please visit www.investquebec.com

About Fonds de solidarité FTQ
With net assets of $7.7 billion at November 30, 2010, this is a development capital company that channels the savings of Quebecers. Its investments in all economic sectors help to create and maintain jobs, and further Québec’s economic growth.

The Fonds de solidarité FTQ acts either as a direct partner or a partner connected via its network of members in 2,052 enterprises. It includes 577,511 shareholders/owners and, alone or with other financial partners, helps to create, maintain and protect 150,133 jobs. For more information, please visit www.fondsftq.com.

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Source:
Jolyane Pronovost
Communications Advisor
Department of Economic Development, Innovation and Export Trade
418-691-5650

For more information:
Josée Béland
Spokesperson
Investissement Québec
514-873-6027

Josée Lagacé
Spokesperson
Fonds de solidarité (FTQ)
514-850-4835

Andrée-Lise Méthot
Fonds Cycle-C3E
514 495-1022 ext. 202

Waste Management Joins Rho Ventures, Braemar Energy Ventures, BDR Capital and Cycle Capital as Investor in Enerkem

HOUSTON and MONTREAL
Waste Management, Inc. (NYSE:WM) and Enerkem Inc., today announced a strategic investment by Waste Management in Enerkem, as part of Enerkem’s new financing round.

The closing of this new round of financing which generated CDN $53.8 million comes from Enerkem’s existing institutional investors, Rho Ventures, Braemar Energy Ventures and BDR Capital as well as from new investors, Waste Management and Cycle Capital. The new funds raised will be used to support Enerkem’s growth plan, including initiating the construction of its second waste-to-biofuels plant. Morgan Stanley acted as Enerkem’s agent.

Enerkem’s proprietary thermo-chemical technology helps convert waste materials into biofuels such as ethanol. Its technology is able to process diverse carbon-based feedstocks, including sorted municipal solid waste, construction and demolition wood, as well as agricultural and forest residues.

“We want to extract more value from the materials we manage than anyone else in our industry through new and emerging processing and conversion technologies,” said Tim Cesarek, managing director of Organic Growth at Waste Management. “Combining Waste Management’s industry leadership and expertise in the collection and management of a wide range of segmented waste streams with Enerkem’s leading clean technology solutions, we are broadening our portfolio of conversion technologies in the waste-to-biofuels market which is key to developing new, higher value added end markets for materials.”
“This financing round validates Enerkem’s business and advances our path towards leadership in the waste and advanced fuels markets,” said Vincent Chornet, President and Chief Executive Officer of Enerkem. “The financial and strategic support of these world-class investors, bringing together our existing investors with Waste Management and Cycle Capital, will accelerate the transformation of the waste-to-biofuels industry that Enerkem is marshalling.”

In December 2009, Enerkem was awarded US$50 million in funding by the U.S. Department of Energy for development of its planned Mississippi plant. Its commercial-scale demonstration facility in Westbury, Canada, which was completed in 2009, reached 1,000 hours of operation. The new funds raised will be used to support Enerkem’s growth plan, including construction of its second plant, in partnership with the City of Edmonton and Alberta Innovates.

The investment in Enerkem complements Waste Management’s comprehensive waste services in the areas of recycling, landfill, waste-to-energy and landfill gas-to-energy. This investment will also help move Waste Management toward meeting three of its sustainability goals: doubling its renewable energy production and tripling the amount of recyclables processed by 2020, and investing in emerging technologies for managing waste.

About Enerkem
Enerkem is a leading waste-to-biofuels company. Its proprietary thermo-chemical technology converts residual materials, such as non-recyclable municipal solid waste, into clean transportation fuels, advanced chemicals and electricity. The company was founded in 2000 and currently operates two plants in Canada: a pilot facility in Sherbrooke and a commercial-scale plant in Westbury. It will soon start the construction of its waste-to-biofuels plant in Edmonton, Canada and is currently developing a similar project in Mississippi, for which it was awarded US$50 million in funding by the U.S. Department of Energy (DOE). www.enerkem.com

About Waste Management
Waste Management, based in Houston, Texas, is the leading provider of comprehensive waste management services in North America. Our subsidiaries provide collection, transfer, recycling and resource recovery, and disposal services. We are also a leading developer, operator and owner of waste-to-energy and landfill gas-to-energy facilities in the United States. Our customers include residential, commercial, industrial, and municipal customers throughout North America. To learn more visit www.wm.com orwww.thinkgreen.com.

This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature or which relate to future events and are subject to risks and uncertainties. In many cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these terms and other comparable terminology. These statements are only predictions. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a number of factors. The forward-looking statements made in this press release relate only to events as of the date of this release. We undertake no ongoing obligation to update these statements.

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For more information contact:
Enerkem
Media : Marie-Hélène Labrie 514.875.0284 x 231 [email protected]
Waste Management
Media: Wes Muir 713.328.7053
[email protected]

Cycle Capital Management (CCM) Inc. has raised $80 million in completing the first closing of Cycle Capital Fund I, L.P., an investment fund devoted to the clean technology and renewable-energy sector.

This threshold was reached thanks to the involvement of several partners, including the Government of Québec (through Investissement Québec), the Fonds de solidarité FTQ,  Fondaction, the Caisse de dépôt et de placement du Québec, Brookfield Renewable Power Inc., Cascades Inc., the Fonds d’action québécois pour le développement durable (FAQDD) and the Centrale des syndicats du Québec (CSQ).

Montréal-based CCM will continue to raise capital over the coming months.

“We are proud to have reached this first stage toward our goal, even in tough economic times,” says Andrée-Lise Méthot, founder and Senior Partner of Cycle Capital Management. “We are especially proud that this closing was conducted in partnership with the Québec government, major institutional investors and respected industrial groups such as Brookfield Renewable Power and Cascades.”

In addition to their financial commitments, Brookfield Renewable Energy and Cascades, as industrial partners of Cycle Capital Management, have agreed to provide technical support in validating technologies as well as business development support for companies that own clean technologies to help them move toward applications with huge potential markets. Richard Legault, President and Chief Executive Officer of Brookfield Renewable Power, says he is pleased to be associated with the Cycle Capital Fund, adding: “By supporting leaders in tomorrow’s clean technologies, we are helping meet future energy needs and spurring economic growth while promoting high-quality jobs and preserving our environment.”

Key manufacturing industries are at a turning point and must alter their production and consumption habits. Investments in innovative projects will play a major role in building companies of international scope that can thrive in a fast emerging technology market. “Providing financial support to these clean-technology companies will help them export their know-how and command a place among leaders in the carbon-free new economy,” says Alain Lemaire, President and Chief Executive Officer of Cascades.

Cycle Capital Management has already invested in six Québec companies and remains on the lookout for any investment opportunity on markets in Québec, Canada and the entire northeast of the continent.

Investing in clean technologies and renewable forms of energy

Cycle Capital Fund I, L.P.’s mission is to invest in companies that develop and market clean technologies and renewable-energy projects, helping cut greenhouse gases, optimize resources and reduce impacts throughout their entire life cycles.

Up to now, the Fund has invested more than $13 million in six companies, including:

SiXtron Advanced Materials Inc., based in Montréal, develops and markets an innovative process for placing thin silicon carbide (SiC) layers on various supports applied in the solar energy field.www.sixtron.com

Vaperma Inc., based in Saint-Romuald, designs, develops, produces and markets innovative gas separation solutions that can be used for fuel-grade ethanol production, natural gas production, biogas treatment and chemical compound dehydration. www.vaperma.com

About Cycle Capital Management
Cycle Capital Management (CCM) Inc. is a private fund manager that focuses its investments on companies developing and marketing clean technologies and renewable-energy projects that can benefit from opportunities created by the emergence of a low-carbon economy in North America.

About Brookfield Renewable Energy Inc.
Brookfield Renewable Power Inc., wholly owned by Brookfield Asset Management Inc., has more than 100 years of experience as an owner, operator and developer of hydroelectric power facilities. Its total portfolio includes more than 165 generating facilities with approximately 4,100 megawatts of capacity. It also has a significant hydroelectric and wind project pipeline. Brookfield Renewable Power’s operations are primarily located in North America and Brazil.

About Cascades Inc.
Founded in 1964, Cascades produces, converts and markets packaging and tissue products composed mainly of recycled fibres. Cascades employs close to 13,000 women and men working in more than 100 modern and flexible production units located in North America and Europe. Its management philosophy, its 45 years of experience in recycling and its continuing efforts in research and development are strengths that enable the company to create new products for its customers. Cascades shares trade on the Toronto Stock Exchange under the ticker symbol CAS.

Source: Cycle Capital Management – www.www.cyclecapital.com
Information:  Isabelle Perras, 514 282-4630, [email protected]