Select Portfolio Companies & Investments
Cloudworks Energy Inc.
Cloudworks was started by Nick Andrews, John Johnson and David Andrews to provide green sources of energy to the province of British Columbia. The company constructed six run-of-river hydroelectric facilities having a combined gross installed capacity of 150 MW, developed 76 MW of run-of-river hydroelectric projects with 40- year power purchase agreements, and had the rights to develop various other renewable energy projects in various stages of development having a potential aggregate installed capacity of over 800 MW. The company and its owners sold interests in the Harrison Hydro projects to Connor, Clark and Lunn Infrastructure and Fengate Asset Management before ultimately being acquired by Innergex Renewable Energy for consideration of approximately $200 million.
Corvus Energy Inc.
Through its experience in the development of green energy projects, CleanFin was able to act early in identifying the role of lithium ion batteries in industrial transportation. In 2011, we provided the first major investment in Corvus Energy, the world’s leading provider of energy storage systems for the maritime sector. The company now has over 200 megawatts of its proprietary batteries installed on a variety of ships around the world. For a time, Nick acted as Executive Chairman for the company, as we found a way to access the Norwegian markets from the company’s initial headquarters in Richmond, Canada. During this time, CleanFin worked with Corvus to attract key strategic shareholders, and has continued to invest equity alongside BW Shipping, Equinor, Norske Hydro and Shell Ventures. Nick represents CleanFin on the Board of Corvus as one of the five major shareholders in this exciting ESS technology business.
Nextgen Mortgage Inc.
CleanFin has provided the founding investment for Nextgen Mortgage Inc., an innovator in the Canadian mortgage space. This company, which is led by Duncan McCallum (ex-head of Infrastructure Finance at RBC Capital Markets), has developed the Payment Lock Mortgage product. This mortgage allows borrowers to lock in fixed payments for their full amortization period of up to 35 years. CleanFin anticipates that this model will be highly scalable, and service a significant portion of Canada’s $1.6 trillion residential mortgage market as high quality borrowers look to prevent exposure to interest rate increases for periods longer than those currently offered in the marketplace. John represents CleanFin on the Board of Nextgen Mortgage Inc.
Socure
Socure was founded in 2012, coinciding with a surge in digital enrolment at fintechs and banks for services that once required an in-person handshake and reams of physical documentation. Sam leads CleanFin’s investment in the company, which leverages automated machine learning with 400+ sources of curated data to provide an instant, multidimensional view of identity verification and fraud risk at day zero.
Judi.ai
CleanFin recently led an equity issue and commitment that allows for the purchase and funding of JUDI.AI. JUDI.AI is a financial technology company based in Vancouver, Canada. Backed by powerful machine learning technology, the company’s small business lending analytics platform provides traditional lenders with the technology and real-time analytics that fintech and large technology lenders are armed with. The platform drives efficiency, reduces risk, and improves customer experience. The company already counts many of Canada’s leading credit unions as clients, and demand for the company’s products is accelerating. Nick is a Director on the company’s Board.
