Canadian Minister of Innovation, Science and Economic Development Navdeep Singh Bains announced on Wednesday, October 3, that the Canadian government will give $58.6 million in support to 14 companies through Sustainable Development Technology Canada (SDTC). The move is expected to incubate green technology in the country, as well as provide new job opportunities for citizens.
“Our government supports the researchers, entrepreneurs and investors that make Canada a global leader in the growing clean technology market. These are the people who are creating the next wave of good, well-paying jobs for Canadians while protecting our clean air, water and food for generations to come,” said The Honourable Navdeep Bains.
The grant is part of a government initiative to support green technology and the Canadian firms that provide it. The companies to benefit from the grant are VueReal Inc., Giatec Scientific, Li-Cycle Corp., Yava Alumina, and Ranovus of Ontario; Consolidated Biofuels, Clir Renewable, Terramera, and Siemos of British Columbia; and Ambyint Inc. of Alberta.
The research of the selected companies sans from developing cost effective ways to rehabilitate water mains to developing energy efficient micro-LED technology for use in flat panel displays. A number of the selected companies tackle the growing consumer electronic market problem of solid and e-waste disposal. Several of the chosen firms are in the energy business, pursuing clean and efficient sources.
“This is an exciting milestone for the Canadian cleantech companies that are working tirelessly to develop ground-breaking technology solutions. Our team at Sustainable Development Technology Canada dedicated 2017–2018 to operating at the speed of business to better support Canadian cleantech developers. We made it simpler and more streamlined for companies to access financing, execute projects and move into the markets where they can shift from start-up to scale-up, said SDTC President and CEO Leah Lawrence.
Investing in green technology is part of Canada’s Innovation and Skills Plan. The multi-year strategy is meant to bring Canada to the forefront of global innovation, as well as provide more jobs for the middle-class.
The announced investment aligns with the recently published recommendations by industry leaders in the Clean Technology Economic Strategy Tables, which outlined the gaps in scale-up finance challenging green technology.
[Source: Newswire.ca]
