MKB Closes $175 Million Oversubscribed Energy Transition Fund

MONTREAL, QUEBEC – September 28, 2021 – MacKinnon, Bennett & Co. (“MKB”), a Montreal-based private investment firm, today announced the final close of the MKB Partners Fund II, LP (“Fund II”). The oversubscribed $175 million fund will invest in late venture and early growth-stage companies focused on the electrification, decarbonization and digitization of transportation and energy. Fund II will partner with outstanding management teams leveraging technology and business model innovation to accelerate the energy transition.

Fund II is pleased to have as investors a strong group of Canadian institutional, family office and other accredited investors. Previously announced investors BDC Capital Inc., Caisse de dépôt et placement du Québec (CDPQ), Investissement Québec, Fonds de solidarité FTQ, Fondaction, and Vancity have been joined by The Co-operators, Export Development Canada (EDC), TD Bank, Lester Asset Management and Concordia University.

Fund II is managed by an experienced cleantech investor team led by Ken MacKinnon, Antonio Occhionero and Chanel Damphousse. “We are delighted by the response from investors to our new fund. It has become increasingly clear that the energy transition presents immediate and compelling investable opportunities, and that the broad investment community is responding with the required urgency to address solutions to help mitigate climate change. We are grateful for our investors’ support, trust and confidence, particularly as we raised this fund in the midst of the pandemic,” said MKB Co-Founder and Managing Partner, Ken MacKinnon.

To date, Fund II has invested in four companies, each of which are at the forefront of innovation in their respective subsectors and in advancing the energy transition: AddEnergie provides charging infrastructure throughout North America that is an essential ingredient to mass EV adoption; Ample’s innovative battery swapping technology is providing fleet managers globally with viable economic solutions to electrify their fleets today; Bird Canada e-scooter sharing is promoting rapidly growing third lane mobility services choices for commuters in the context of the transforming urban landscape; and Palmetto’s residential solar and energy fulfillment platform is accelerating solar adoption and is decarbonizing the grid.

“Climate change is the biggest challenge of our time and investment in clean technology, transportation and smart cities is essential for a clean, fair and competitive economy,” said Heather Conradi, Director of Impact Investing at Vancity. “Companies in the decarbonization industry offer positive social, environmental, and financial returns. Vancity is excited to work with MKB to seize the opportunities that come from working towards a sustainable economy.”

“This investment is reflective of our commitment to serve as a catalyst for a sustainable society,” said Chad Park, VP Sustainability & Citizenship, The Co-operators.  “Our invested assets are one of the biggest levers we have to do so, and this investment helps fulfill our goal of supporting the transition to a sustainable, low-emissions economy. We are delighted to be working with MKB to help create positive and meaningful impact for the future.”

“We are pleased to help continue the advancement of energy transition and entrepreneurs through our investment in MKB Partners Fund II,” said Drew MacIntyre, Vice Chair, TD Securities. “This investment is part of TD’s ‘The Ready Commitment’ which supports the transition to a lower carbon future and contributes to building a more sustainable tomorrow.”

“Strong environmental, social and governance (ESG) practices are a competitive accelerator to all businesses in today’s global marketplace,” said Dan Mancuso, EDC’s Senior Vice-President, Financing and Investment.  “This valued partnership aligns with EDC’s mandate of supporting Canada’s  cleantech  sector and  offer  innovative  technologies  that companies need to help drive down  emissions . We look forward to continued collaboration with MacKinnon, Bennett & Co., resulting in greater benefits for all Canadians.”

About MKB

MKB is a Montreal-based private investment firm that specializes in providing growth equity to companies driving innovation in the energy and transportation sectors. MKB takes significant minority positions in its portfolio companies and proactively assists management teams in reaching their full potential. To learn more about MKB, visit www.mkbandco.com