Government of Canada invests in British Columbia's growing clean technology sector
More than $13.4 million will support British Columbian businesses to create quality jobs and support Canada's commitment to achieve net zero carbon emissions by 2050.
BURNABY, BC, May 2, 2022 /CNW/ - British Columbians have felt the impact of climate change and climate disasters first hand. Investing in clean technology reduces emissions, protects the environment and supports the economy. That is why the Government of Canada is committed to supporting British Columbia's growing clean technology industry.
Today, the Honourable Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), announced over $13.4 million in funding for local clean technology companies, including $9.75 million for Loop Energy Inc. (Loop), based in Burnaby.
Loop is a key supplier of hydrogen fuel cell systems, which support the transition to a green economy. With funding through PacifiCan's Jobs and Growth Fund, Loop will increase its manufacturing capacity, creating a more sustainable transportation sector in Canada by helping to commercialize zero-emission vehicles.
The funding will allow Loop to purchase new equipment and bring a key part of its manufacturing process in house, which will eliminate its reliance on international suppliers. The project is expected to generate significant revenues and 119 new jobs in Burnaby, producing new opportunities for the local workforce and hydrogen-related companies.
Acuva Technologies Inc. (Acuva)
Acuva is receiving $3 million through PacifiCan's Business Scale-Up and Productivity (BSP) program. The Burnaby-based clean technology company delivers water purification systems using proprietary Ultraviolet Light Emitting Diode (UV-LED) technology.
This funding will allow Acuva to improve existing products, commercialize new ones and bring them to market. The project is expected to increase revenues and create over 30 new jobs.
CORE Energy Recovery Solutions Inc. (CORE)
Vancouver-based innovator CORE is also receiving $673,050 in BSP funding to commercialize its fuel cell humidifier prototype, a critical part of hydrogen fuel cell systems. With this funding, CORE will increase production and quality control, so that the company can make products for heavy-duty zero-emission vehicles, such as buses and trucks. The project is expected to create nine new jobs and bolster revenue for the company.
The Government of Canada is taking action to grow the economy while reducing greenhouse gas emissions and fighting climate change. These investments will improve the competitiveness of the clean tech cluster in BC, generate millions in increased revenue for local companies and create 159 new jobs.
"Companies across Canada are creating innovative solutions to the challenges we are facing. These clean technology investments will help Canada transition to a green economy and create well-paying jobs for British Columbians."
- The Honourable Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada
"Unlocking the potential of hydrogen is an essential part of our government's plan for a sustainable economic future. Hydrogen offers significant domestic opportunities for emissions reductions. It also offers enormous potential as an export opportunity for Canada – providing clean energy to countries around the globe."
- The Honourable Jonathan Wilkinson, Minister of Natural Resources
"British Columbians' leadership in clean technology is helping to build a stronger, greener Canadian economy. These investments in BC's clean tech ecosystem will create new job opportunities here in our local community and the impact of these innovations will stretch far beyond British Columbia."
- Terry Beech, Parliamentary Secretary to the Deputy Prime Minister and Minister of Finance, and Member of Parliament for Burnaby North—Seymour
"Today's announcement will allow Loop Energy to further accelerate its production capacities in order to meet the growing demand of our hydrogen fuel cell solutions around the world. We would like to thank the Government of Canada for supporting Loop Energy through its Jobs and Growth Fund, and enabling the advancement of Canadian clean technology."
- Ben Nyland, President and CEO, Loop Energy
- 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 Jobs and Growth Fund (JGF) provides funding to businesses and organizations to help create jobs and position local economies for long-term 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.
- British Columbia is home to the largest cluster of hydrogen and fuel cell companies in Canada.
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SOURCE Pacific Economic Development Canada
Contacts: 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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