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TD helps patent next generation of low carbon technologies
Bank to add cleantech innovators to its roster of startups that have joined its award-winning Patents for Startups program
TORONTO, Oct. 31, 2019 /CNW/ - TD Bank Group (TD) today announced the expansion of the Bank's unique Patents for Startups program to help early stage cleantech companies protect and patent their applications – a first of its kind in North America.
In collaboration with the Accelerator Centre’s TD Sustainable Future Lab in Waterloo, the patents program will work with eligible startups that have gone through the Accelerator Centre’s award-winning programming.
The first startup to join the patents program from the accelerator is Advanced Materials & Propulsion Engineering & Research (AMPERe), a company developing technology for an efficient, green and cost-effective internal combustion engine.
"This next phase of the patents program is our latest step towards helping young Canadian innovators thrive," says Josh Death, TD's Intellectual Property and Patentable Innovations Lead. "Welcoming cleantech startups to the program will help Canadian talent be leaders in addressing some of the world's most pressing problems."
The patents program builds on TD's commitment to support a transition to a low-carbon economy, a component of its corporate citizenship platform The Ready Commitment. In December 2017, TD set a target of a total of CAD $100 billion in low-carbon lending, financing, asset management and internal corporate programs by 2030.
"Building a low-carbon economy will help Canadian talent be part of developing cleantech solutions as the world moves to lower greenhouse gas emissions," says Nicole Vadori, Head of Environment, TD. "We see opportunities all around us to support and foster the transition. Harnessing the enthusiasm and ingenuity of cleantech innovators is one way to help inspire positive change."
TD Patents for Startups program
TD's Patents for Startups program is designed to support companies at the seed stage with funding and assistance with the patent application process in Canada, the U.S. and elsewhere, helping them harness the value that patents can offer in supporting their growth. This mutually beneficial program is designed to support high-potential startup organizations that TD is interested in working with, so they can continue to focus on building out their concepts.
All patents will belong to the startup and be held in their name and the companies will also retain all rights to their underlying technology. TD is the first bank in North America to offer a non-equity-based program specifically supporting the patent application process for early startup ventures. The TD program won the Thomson Reuters "Innovatio" Dealmaker award for in-house counsel innovation.
The program focuses on supporting startups looking to market emerging technologies, including artificial intelligence, and now cleantech.
TD Sustainable Future Lab
In October 2018, the Bank announced a CAD $1 million contribution towards the development of the TD Sustainable Future Lab in Waterloo – the region's first cleantech accelerator designed to offer support and mentorship to startups that are working to develop sustainable solutions for a low-carbon economy.
The accelerator will support 40 cleantech startups over the next five years.
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.
TD environmental milestones
- 2009: TD Economics issues its first paper on carbon pricing
- 2010: First major North American-based financial institution to become carbon neutral
- 2014-2019: Listed on DJSI World Sustainability Index; only Canadian bank last five years
- 2014: First Canadian bank to issue a green bond
- 2015: Joined RE100; met our 100% renewable electricity commitment
- 2016: TD Securities participated in $6.5 billion of green bond underwriting since 2010
- 2017: TD Bank issues a US $1 billion green bond, the bank's first US dollar green bond issuance
- 2017: One of 16 banks around the world committed to pilot the recommendations of the Task Force on Climate-related Financial Disclosures under the leadership of the United Nations Environment Programme – Finance Initiative
- 2010 – 2018: Over 390,000 trees have been planted through TD Tree Days since 2010, absorbing 890.1 tons of CO2 – equal to the emissions released annually from 189 passenger vehicles in Canada and the United States
- 2017– 2018: TD's contribution to the low-carbon economy totaled $30.3 billion, representing approximately 30% of our $100 billion target, through our low-carbon lending, financing, asset management and internal corporate programs.
- 2018: 25,068 Green Car discounts provided to TD Auto Insurance customers who helped reduce C02 emissions by driving hybrid or electric vehicles
- 2019: TD Bank expands commitment to cleantech with investment in ArcTern fund, one of Canada's largest clean technology venture fund
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the fifth largest bank in North America by branches and serves over 26 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 13 million active online and mobile customers. TD had CDN$1.4 trillion in assets on July 31, 2019. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
About the Accelerator Centre
The Accelerator Centre is an award-winning startup accelerator dedicated to building and scaling sustainable, globally competitive companies and giving startups the highest probability of long-term success. In 2018, it was ranked the #4 accelerator in the world due to, in part, a reputation for meaningful, one-to-one mentorship and helping entrepreneurs go from the idea stage to high-growth enterprises.
The Accelerator Centre has a strong history of supporting high growth technology companies and has worked with more than 500 startups since 2006, bringing over 3,000 full time jobs and $600M in investment to Waterloo Region. Graduates include Canadian success stories Axonify, Big Road, Clearpath Robotics, eleven-x, Magnet Forensics, and Rapid Novor.
SOURCE TD Bank Group
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