Serenity Power, a Calgary-based startup developing solid oxide fuel cell technology to convert fuels like diesel into electricity, won the $100,000 Elevate Women+ Pitch Prize, supported by angel investors and the Firehood.

The Elevate Women+ program, supported by the federal Women Entrepreneurship Strategy’s Inclusive Women Venture Capital Initiative, aims to bolster women and gender-diverse entrepreneurs through funding and mentorship.

The Black Innovation Zone’s Ecosystem Showcase Pitch Competition also took place, spotlighting Black-led startups such as B12Give, Shower Thoughts, and Moon Trades, which is developing lunar mining technology.

Serenity Power also developed technology aimed at reducing greenhouse gas emissions by replacing traditional power generation in sectors like mining, oil and gas, data centers, and remote utilities.

As part of this initiative, 40 women-led startups participated in a five-week virtual incubator designed to enhance investment readiness, culminating in pitches before investors from The Firehood.

The Elevate Festival in Toronto, now in its seventh year, drew approximately 10,000 attendees and featured a diverse lineup of programming focused on AI, FinTech, cybersecurity, and product development.

Moon Trades, founded by Wintta Ghebreiyesus, a U of T aerospace engineering PhD, is working on a rover-enabled platform for lunar mining and is pursuing commercial contracts for industrial site surveying.

Tydra Labs, another winner from Startupfest, secured additional funding through its incubator and plans to raise $750,000 by converting crustacean shell waste into sustainable bioproducts.

Other competitions included Moneris eCommerce North, where Shutterb won $10,000 for a content creation startup, adding to the festival's diverse entrepreneurial showcase.

During the festival, various pitch competitions showcased innovative startups, with particular emphasis on women-led and Black-led ventures, highlighting Toronto's vibrant entrepreneurial ecosystem.