A local company raises $24 million from Fondaction and the Business Development Bank of Canada (BDC) to commercialize its platform to reduce supply chain carbon footprints.
“Since 2017, we have been counting on the fact that traceability for measuring the carbon footprint will become mandatory. Now it’s time to step on the accelerator,” says Louis Roy, CEO of OPTEL.
The challenge was ambitious for the company founded 30 years ago. We had to invest a lot of equity, make three acquisitions and work hard.
In the end, OPTEL managed to develop a unique tool: a platform that collects data throughout a product’s supply chain – from the field, the mine or the factory to the other side of the world.
The goal? “We’re trying to bring supply chains within the confines of the earth,” replies the leader.
As the need to eliminate our carbon emissions and use fewer resources becomes more urgent, companies cannot simply respond to their own activities.
They also have to consider the environmental footprint of their suppliers, the so-called “Scope 3” emissions.
However, in today’s fragmented and globalized economy, the task can be very difficult.
OPTEL aims to solve this challenge by providing precise transparency across the entire supply chain.
Driven by tougher laws
“We have been trying to convince large companies for several years,” explains the entrepreneur. Now that there are regulations, everyone wakes up. »
Mr. Roy decided to settle in Europe with his family for a year. This is where regulatory changes take place the fastest.
To prevent deforestation, soon all products containing palm oil, cocoa, coffee, rubber or even soya imported into the European Union will have to justify the exact origin of the product.
Even if the governments here are still “a bit shy”, the global movement is in full swing, believes the big head of OPTEL.
Canadian companies need to follow suit, whether just to sell in Europe or to comply with future Canadian and American regulations. It’s also moving south of the border.
Fondaction CSN and the Business Development Bank of Canada seem to agree with this observation.
The first has just invested $13 million in equity. The second, $11 million in loans.
For OPTEL, the development of its market is a godsend: millions of companies will need to adopt a technology like theirs.
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