The Vancouver Economic Commission has announced that the Hanhai Zhiye Group, a high-tech investment group based in China, is launching the China Canada Clean Tech Innovation Centre in the city.
The CCCIC will create new opportunities for startups and advanced technologies in Vancouver’s clean tech sector through venture capital funding of up to $15 million in the first year and access to China’s market.
“Vancouver’s focus on innovation, our successful Greenest City 2020 Action Plan, and our deep ties to the Asian market make us the ideal city to host this new centre,” said Gregor Robertson, Mayor of Vancouver. “Hanhai Zhiye will provide another significant boost to Vancouver’s fast-growing economy and clean technology sector, while the City and our partners continue to collaborate to advance exciting new market opportunities in China.”
Hanhai and the founding partners will provide an initial investment of $4.25 million to launch the CCCIC, which will operate out of Simon Fraser University’s VentureLabs facility.
“We looked at many different Canadian cities and chose Vancouver because of its impressive technology sector and focus on innovation and the environment,” said Hanguang Wang Chairman of the Hanhai Zhiye Group. “There is a large market for Clean Tech in China and it is our intent to foster, seed and help commercialize some of the most innovative technologies coming out of Vancouver.”
“We are proud to have brought this partnership to Vancouver, which will not only provide access to capital for local Clean Tech businesses, but offer unparalleled access to one of the largest markets in the world,” said Ian McKay, CEO of the VEC. “The Clean Tech sector is the fastest-growing in the country. The launch of the centre will further advance research and development in this area and build on our valuable business relations with China.”
“Through this partnership, SFU will contribute its Clean Tech and other research strengths, and its innovation and entrepreneurship know-how, to commercialize technology that responds to real needs in the global marketplace,” said Joy Johnson, SFU’s Vice-President, Research. “We are delighted to welcome Hanhai into SFU’s longstanding relationship with China, and to engage our SFU Innovates network internationally in the open flow of ideas and synergies that bring social, economic and environmental benefits to both countries.”