Clean energy platform CoPower closes $2 million round

After rolling out the first $2.5 million tranche of its $20 million issuance of green bonds available to individual investors back in March, CoPower today announced that it has secured an additional $2 million in financing.

The round was led by Fondaction CSN and joined by new and existing investors, including Royal Bank of Canada, Innovation SupportFerst Capital Partners and Laurie Thomson.

READ ALSO:CoPower rolls out first tranche of $20 million green bonds issue

Founded in 2013 by CEO David Berliner and President Raphael Bouskila, CoPower operates an online platform that leverages investments from individuals to fund clean-energy project developers. It has so far raised $12 million in loans for community-scale projects, such as LED lighting retrofits and geothermal heating and cooling for homes.

“We are thrilled to bring together a range of values-aligned shareholders, including institutional investors like Fondaction and the Royal Bank of Canada, as well as leading fintech investors like Ferst Capital Partners,” says David Berliner, CoPower’s cofounder and CEO.

“Our vision is to provide simple financial products, like our Green Bond, that offer solid returns for all types of investors, and that at the same time help finance the clean energy economy,” added Raphael Bouskila, CoPower’s cofounder and President. “This corporate round of financing gives us additional resources to continue to serve our clients and to deliver on that vision.”

READ ALSO: FinTech meets clean energy, CoPower gets $300,000

CoPower sits at the intersection of three major trends: the rise of fintech platforms, the growing demand for investment products that also have a positive social and environmental impact, and the mass deployment of distributed clean energy technologies.

This corporate raise continues CoPower’s track record of working with financial institutions, including a $1 million revolving credit facility with Vancity Capital Corporation announced earlier this year.

“Being the preferred partner in smaller, innovative sustainable infrastructure in Quebec, we’ve seen first-hand what a challenge it is for these clean energy projects to access financing. CoPower’s innovative approach to filling that gap through crowd-investing shows that they are natural partners for us and our entire ecosystem by trying to accelerate the energy transition through technology and financial innovation. We are delighted to reaffirm our support of the company and its management,” said Stéphan Morency at Fondaction CSN.

The financing enables CoPower to make its investment platform available to even more Canadians. CoPower’s Green Bonds offer up to 5% interest annually, and are available through CoPower’s online platform as well as through select financial advisors and brokerages.

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