TD Bank Group (TD) announced today, through The Ready Commitment, the bank’s new corporate citizenship platform, a $1 million contribution towards the development of the TD Sustainable Future Lab at the Accelerator Centre in Waterloo.
The Lab is the region’s first cleantech accelerator and will be the centerpiece of a new cleantech community hub known as evolvGREEN. The project will offer support and mentorship to startups that are working to develop sustainable solutions that drive the economy and foster a culture of sustainability.
The Accelerator Centre has a strong history of supporting high growth technology companies and has worked with more than 500 startups throughout its 12-year history. Graduates of The Accelerator Program™ include Canadian success stories Kik Interactive, Miovision, Axonify, Alert Labs and SSIMWAVE. The Accelerator Centre has already started to apply its award-winning program model to the cleantech startups through a pilot program supported by the Ontario Trillium Fund and will move this programming into the TD Sustainable Future Lab in December 2018.
“We’ve had a front row seat to Canadian innovation and the passion that so many entrepreneurs have for solutions for a cleaner economy,” says Paul Salvini, CEO, Accelerator Centre. “The launch of the TD Sustainable Future Lab and evolvGREEN will give organizations from across the region come together to create a hub that will drive growth and amplify the impact we can make in the clean economy.
Expanding Investment in the Waterloo Region
The TD Sustainable Future Lab builds on TD’s other investments in the Waterloo-region innovation ecosystem all of which are aligned to the TD innovation philosophy to explore and develop solutions that help to create exceptional customer and employee experiences.
“The global transition to a low-carbon economy is an opportunity for Canada, and this important contribution builds on our history of environmental leadership to advance a sustainable and inclusive tomorrow,” says Nicole Vadori, TD’s Head of Environment. “The Waterloo region has a rich history of innovation and nurturing the development of leading global technology companies and leaders. We believe our focus on cleantech will position homegrown cleantech companies to compete and win in the global market while at the same time help to build the low carbon infrastructure needed to move Canada’s economy forward.”
The TD Sustainable Future Lab will have a goal of supporting 40 cleantech startups over the next five years and will officially open its doors in December 2018.
The Ready Commitment
In March 2018, TD launched a new corporate citizenship platform, The Ready Commitment, to help build a more inclusive and sustainable tomorrow. Under this multi-year initiative, TD seeks to connect its business and employees, and its philanthropic contributions, towards helping people feel more confident to participate and succeed in a changing world. The Ready Commitment includes a target of $100 billion in low-carbon lending, financing, asset management and other programs by 2030, which is intended to help accelerate the development of a low-carbon economy, including renewable and clean energy technologies, businesses and processes. TD was among the first in the banking industry to devote significant resources to help fund proactive climate change solutions.