Tech update: Oneida energy storage project shows ‘true commitment to partnerships with Indigenous business’ and other venture news

The 250-megawatt Oneida Energy Storage Project is poised to be a groundbreaking facility — on several fronts.

Not only is the major resource project expected to be one of the largest energy storage facilities in the world, but it’s also noteworthy for its collaborative and inclusive approach: it’s a joint 50:50 venture that’s being developed in collaboration with Indigenous partners.

Ontario’s Minister of Energy has given the green light for the Independent Electricity System Operator (IESO) to proceed with drafting a 10-year contract for the Six Nations of the Grand River Development Corporation and Toronto-based energy storage company NRStor Incorporated.

While Indigenous communities are often included in projects only as the recipients of impact benefit agreements, the OES Project would see the Six Nations of the Grand River Development Corporation, a group that manages Six Nations’ economic interests in renewable energy projects, as an equal partner.

The project will see the installation of lithium-ion battery modules on a 10-acre plot of land along the Hydro One Transmission Corridor in Haldimand County in order to reduce reliance on older carbon-intensive generators and the need to build new gas plants.

It underwent a lengthy consultation process, seeking feedback from the community on everything from educational and employment opportunities and environmental conservation to financial considerations and health and safety planning.

In May 2021, the Six Nations of the Grand River Elected Council accepted the final report for the Six Nations Community Investment Review of the OES project as presented.

The recommendations echo that of the calls to action from the Truth and Reconciliation Commission of Canada report released in 2015, which urged the corporate sector to ensure that Indigenous peoples have equitable access to jobs, training and education opportunities, and that Indigenous communities gain long-term sustainable benefits from economic development projects.

“The Oneida Energy Storage facility will offer incredible educational, training and employment opportunities,” says Matt Jamieson, who is a member of the Tuscarora Nation and resident of Six Nations of the Grand River as well as the president and CEO of Six Nations of the Grand

River Development Corporation that is co-developing the OES project. “Long term, the impact on our carbon footprint and sustainable practices for generations to come will show true commitment to partnerships with Indigenous business.”

The need for internship programs, skills training and employment of the local workforce is especially important since experts predict that about two-thirds of jobs currently held by Indigenous workers in Canada are in danger of either being eliminated or drastically changed by technology.

From the initial idea to the memorandum of understanding, the Six Nations were consulted at every step to ensure the project truly served the needs of the community.

“Working hand in hand as equal partners has made the Oneida Project more successful than it could be with either of our groups alone,” says Annette Verschuren, chair and CEO of NRStor.

Jamieson agrees that the partnership has been a productive one. “The relationship between Six Nations of the Grand River Development Corporation and NRStor has been incredibly meaningful, and I look forward to seeing it further develop,” he says. “As we recognize the first National Day for Truth and Reconciliation this year, it is empowering to look at this partnership and know that we are experiencing a small piece of reconciliation firsthand.”

Standup Venture’s second fund brings hope to women-led startups

The pandemic has had an outsized impact on women in the workforce. And for women entrepreneurs, things have gotten even harder.

The proportion of venture capital dollars invested in women-led companies around the world went from low to lower, falling to 2.3 per cent in 2020 from 2.8 per cent a year earlier. Here’s a sobering statistic: It took just five days for trading platform Robinhood to raise as much money as a year’s worth of venture capital investment into all women-founded businesses in the U.S.

It’s not to say that there haven’t been success stories of women-led startups. Take for instance, Waterloo-based next-generation eLearning company Axonify. The company, founded by women, was recently sold for $313 million and will remain under the leadership of Carol Leaman.

But triumphs like this are few and far between. The next generation of women entrepreneurs requires early access to a pipeline of seed funding to be successful. That’s where StandUp Ventures sees a role to play. The Toronto seed-stage investment firm backs up-and-coming companies with at least one woman in a chief-level position who is a significant shareholder. It recently announced that it closed its second fund, exceeding the initial $30 million target with a new goal of $35 million.

Focusing at the seed stage not only creates strong returns, but also works to tear down the obstacles confronted by women founders seeking to raise their first institutional round, achieve Series A milestones and grow their companies, StandUp Ventures said in a release. One of its recent investments includes financial-sector focused legal-tech powerhouse Arteria AI.

“Completing our series A has been instrumental to the growing success of Arteria AI,” says Shelby Austin, CEO of Arteria AI. “We are fortunate to have venture partners that work to open doors and connect us with all sorts of exciting opportunities — we are grateful for the support in maximizing our potential to shoot the moon.”

Over the next three to five years, StandUp Ventures plans to invest in more than 15 companies with the second fund, for a total of approximately 30 to 40 investments by the firm.

In other news:

Contributing to the edtech commotion, Waterloo-based online learning company D2L announced that it’s set to go public at a valuation of more than $1 billion (U.S.). D2L creates the online learning platform Brightspace, which is used mainly by schools and universities.

And mathematics learning platform Knowledgehook, has just launched in Mexico (hot on the heels of going live in the U.S., U.K. and Australia) and recently revealed a mega partnership with educational publisher Pearson Canada.