Google parent company Alphabet Inc. and affiliate Sidewalk Labs are partnering with the Ontario Teachers' Pension Plan to launch a new company that invests in North American infrastructure.
The spin-out of Sidewalk Labs called Sidewalk Infrastructure Partners, plans to hold, operate and invest in advanced infrastructure for the digital age.
"Sidewalk Infrastructure will give cities an opportunity to deploy next-generation infrastructure," said Sidewalk Labs CEO Dan Doctoroff in a statement.
The company will focus on five areas including advanced mobility, energy, water and waste, digital infrastructure and social infrastructure.
The infrastructure could include technology-enabled systems for stormwater management, neighbourhood-scale heating and cooling, advanced traffic controls and other initiatives like the ones that Sidewalk Labs hopes to deploy at the Quayside side on Toronto's waterfront.
"Sidewalk Infrastructure will play an important role in Sidewalk Labs' ecosystem of products, financing, and development too make cities more inclusive and sustainable," said Doctoroff.