Minister Hussen announces $9.5 million for two Toronto companies to develop new solar power and energy grid technologies
TORONTO, Nov. 24, 2017 /CNW/ - Thanks to Government of Canada investments in the development of new clean technologies, Canadians could have greater access to less expensive energy-efficient solar power cells and innovative energy storage capability.
The $9.5-million investment was announced today by the Honourable Ahmed Hussen, Minister of Immigration, Refugees and Citizenship, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development.
The investment in Morgan Solar Inc. supports products based on the company's proprietary planar optical technology, which reduces the amount of expensive material required in solar panels. One version is the world's only translucent high-efficiency panel for building environments, and the other has the potential to be the lowest cost panel in the world for utility applications.
The investment in NRStor Inc. supports the development of greater energy storage capabilities for the Ontario electricity grid by proposing to store energy as compressed air and heat. This innovative system will create new business opportunities for Canadian energy companies.
These projects are being funded through Sustainable Development Technology Canada, which works with Canadian companies to bring their early-stage clean technologies to market.
Investments in clean technology are part of the Government's Innovation and Skills Plan, a multi-year strategy to create well-paying jobs for the middle class and those working hard to join it. Investments in clean technology also support the Pan-Canadian Framework on Clean Growth and Climate Change.
"Investments like those we are celebrating today are key to Canada's transition to a low-carbon economy. Clean tech innovation in solar power and energy storage is especially important as it helps us create more energy-efficient and environmentally friendly solutions."
– The Honourable Ahmed Hussen, Minister of Immigration, Refugees and Citizenship
"This investment will support the important work on improving renewable sources of electricity that NRStor Inc. is conducting at the MaRS Discovery District in Toronto. We must continue to make strategic investments in clean energy technology to address climate change and protect our planet."
– The Honourable Chrystia Freeland, Minister of Foreign Affairs
"Our government's investments in clean technology reflect our commitment to protecting the planet. But they also point to a clear and strategic direction for economic development through innovation. That's because innovations in clean tech will lead to products and services that have an impact on all sectors of the economy. And clean tech has the potential to create thousands of well-paying jobs for Canadians. That's how innovation leads to a better Canada."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
"These technologies are game-changers in two critical fields: Morgan Solar's technology will make solar energy more efficient, more flexible and more affordable for consumers; and NRStor's energy storage builds critical capacity for electricity. SDTC's funding helps these two companies create real environmental and economic benefits for all Canadians."
– Leah Lawrence, President and CEO, Sustainable Development Technology Canada
"Our mission is to make solar energy ubiquitous by making it more efficient, less expensive and more attractive. The impact of SDTC's investment is not only financial; it also provides validation of our progress toward these goals. We are pleased with the support of these made-in-Canada solutions because we believe that true sustainable growth is both low-carbon and job creating."
– Mike Andrade, CEO, Morgan Solar
"This project highlights Canadian leadership and innovation in the energy sector as we drive toward a low-carbon economy. We are excited to be working with Hydrostor, an industry-leading Canadian company, to pursue a massive energy storage market opportunity. Energy storage projects like this can promote a healthier environment and a stronger economy for Canada."
– Annette Verschuren, O.C., Chair & CEO, NRStor Inc.
- To help clean technology firms grow, the Innovation and Skills Plan includes investments of nearly $1.4 billion in new financing on a cash basis, starting in 2017–18. This new financing, through the Business Development Bank of Canada and Export Development Canada, is being allocated as follows: $950 million in growth capital to support clean technology producers and approximately $450 million in additional project finance for clean technology producers.
- Budget 2017 also made available $400 million to recapitalize Sustainable Development Technology Canada's SD Tech Fund, which supports the development and demonstration of early-stage clean technology projects.
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SOURCE Innovation, Science and Economic Development Canada
For further information: Karl W. Sasseville, Press Secretary, Office of the Minister of Innovation, Science and Economic Development, 343-291-2500; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, firstname.lastname@example.org