WATERLOO, ON, Feb. 11, 2015 /CNW/ - The Honourable Diane Finley, Minister of Public Works and Government Services, on behalf of the Honourable Greg Rickford, Canada's Minister of Natural Resources, today announced funding of $1.8 million to support the development of clean technologies in Waterloo. The funding was provided through Sustainable Development Technology Canada's (SDTC) SD Tech Fund™ in support of two transportation projects that will further the Government of Canada's goal of creating and protecting jobs and opportunities.
Through SDTC, Miovision Technologies is receiving $1.4 million for the development of a traffic system that is capable of observing and analyzing real-time conditions as often as 10 times per minute, causing traffic lights to change in order to optimize traffic flow and reduce idling. This project could decrease travel time by over 20 percent, as well as lower fuel needs and environmental impacts.
In addition, CrossChasm Technologies Inc. is receiving $430,000 for the demonstration phase of a smart-charging system that will better predict and accommodate the energy needs of the growing plug-in electrical vehicles market, improving the driving experience for Canadians and alleviating pressure on the electrical grid. CrossChasm's new technology will facilitate the adoption of electrical vehicles, while demonstrating overall benefits for a healthier environment.
- SDTC's SD Tech Fund™ has supported 269 projects with $684 million allocated by the federal government.
- 57 of the more mature companies supported by SDTC have received $2.5 billion in follow-on financing as of December 2013, meaning that for every dollar invested by Canada in these companies the marketplace has responded with $14 of private capital.
- The global demand for energy is expected to grow by about one-third over the next 25 years.
- The SD Tech Fund™ supports projects that address climate change, air quality, clean water and clean soil, providing solutions to key Canadian industries that increase efficiency and enhance environmental responsibility.
- In Budget 2013, the Government of Canada provided an additional $325 million over eight years to SDTC for continuing to support the development and demonstration of new, clean technologies that create efficiencies for businesses and contribute to sustainable economic development.
"Our government is positioning Canada as a global leader in the clean technology sector by supporting innovative projects aimed at growing our economy while contributing to a cleaner environment. By streamlining traffic flows, reducing travel times and advancing electric vehicle charging technology, the projects announced today will improve conditions for drivers in southwestern Ontario and across Canada."
The Honourable Diane Finley
Minister of Public Works and Government Services
"SDTC, with the support of the Government of Canada, is proud to invest in innovative Canadian companies that are achieving the double bottom line of creating quality jobs and economic growth while minimizing Canada's environmental footprint. It is projects like these that will allow Canada to move to the forefront of the global clean tech sector."
Chair of Sustainable Development Technology Canada
"Miovision is very thankful to be recipients of SDTC funding, and we are eager to leverage the funds to improve the driving experience for everyone. The funding will enable Miovision to accelerate our research and development and bring smart intersection technologies to market. With commercialized products installed in Canada's cities and towns, drivers will experience smoother traffic flows, shortened travel times and reduced idling and GHG emissions."
CEO and Co-founder, Miovision Technologies
"This funding from SDTC will enable CrossChasm to demonstrate full-scale operation of its FleetCarma Smart Charging solution. Based on its world-leading electric vehicle monitoring technology, the system turns electric vehicles into valuable grid assets while ensuring the vehicle owner's needs are always met."
- Backgrounder — Minister Finley Announces Investment in Clean Technology Projects in Southwestern Ontario
SOURCE Natural Resources Canada
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