Government of Canada invests in innovative B.C. businesses to support their growth and create jobs
Funding of $7 million to two companies will spur growth in clean & digital technology and advanced manufacturing
RICHMOND, BC, May 30, 2022 /CNW/ - British Columbia's small and medium-sized enterprises (SMEs) are critical to their communities – they create jobs, drive economic growth, and develop products and services that help solve local and global challenges.
The Government of Canada believes in these companies.
Today, the Honourable Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), announced $7 million in funding to support two innovative companies in the clean & digital technology and advanced manufacturing sectors.
Minister Sajjan made the announcement at FPS Food Process Solutions (FPS), a Richmond-based business that provides customized freezing and cooling equipment for the food processing industry.
The Minister announced Business Scale-up and Productivity (BSP) funding of $2 million for the company. With this funding, FPS will commercialize its Spiral Immersion System technology. This technology allows for faster freezing and reduced energy consumption. It is anticipated that this investment will result in increased sales and revenue, and the creation of 40 new jobs.
Minister Sajjan also announced $5 million in BSP funding for RecycleSmart. The company develops and deploys advanced cloud-based waste and recycling container sensor systems that improve the process flow and efficiency of the waste industry.
With the funding, RecycleSmart will commercialize and scale-up production of their Pello waste-management system that uses wireless sensors and cloud computing to track waste bin data. The company anticipates the creation of 50 new jobs as a result of this project.
Promoting innovation is a priority for PacifiCan. These investments will generate jobs and growth in the sectors of clean & digital technology and advanced manufacturing and will create jobs for Canadians.
Quote(s)
The innovation from British Columbian businesses benefits not only our country, but the world. With this funding, we are helping these ground breaking companies to further develop their products, while at the same time, supporting economic growth and good jobs for Canadians."
- The Honourable Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada
"We are emboldened by this recognition to not only continue in manufacturing excellence in the food industry in British Columbia, but to ensure this technological advancement places FPS on the map as a local innovator with global reach."
- Jeffrey Chang, President, FPS Food Process Solutions Corp.
"With the support of PacifiCan we will expand the RecycleSmart engineering and manufacturing teams to bring our made in Canada, smart waste platform to the North American market."
- Colin Bell, Chief Innovation Officer, RecycleSmart
"Innovation lives in communities all over B.C. and right here in Richmond. PacifiCan is playing a key role in supporting these companies as they work to drive the economy and create jobs."
- Parm Bains, Member of Parliament, Steveston-Richmond East
"In PacifiCan, companies like FPS Food Process Solutions and RecycleSmart have a new champion. I look forward to watching their continued growth and prosperity."
- Wilson Miao, Member of Parliament, Richmond Centre
Quick facts
- PacifiCan is the regional development agency dedicated to British Columbia. PacifiCan promotes growth and diversification in British Columbia's economy by enhancing innovation, improving business competitiveness, and promoting inclusive growth.
- The Business Scale-up and Productivity (BSP) program makes strategic investments in key economic sectors, helping innovative companies accelerate their growth and compete globally.
Associated links
- Pacific Economic Development Canada
- Business Scale-Up and Productivity
- FPS Food Process Solutions
- RecycleSmart Solutions Inc.
Stay connected
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SOURCE Pacific Economic Development Canada
Haley Hodgson, Press Secretary, Office of the Minister of Economic Development, [email protected]; Ben Letts Communications Manager, Pacific Economic Development Canada, [email protected]; Toll-Free Number: 1-888-338-9378, TTY (telecommunications device for the hearing impaired): 1-877-303-3388
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