Governments of Canada and Ontario back VueReal, a cleantech company developing solutions to reduce energy consumption

Investments support a growing Canadian cleantech company and will help Canada meet its climate objectives

OTTAWA, ON, March 27, 2023 /CNW/ - Canadian cleantech entrepreneurs are making huge strides in creating and commercializing novel solutions to the world's most pressing environmental challenges, such as climate change, pollution prevention, water security and waste management. The Government of Canada is committed to building support and partnerships to strengthen innovation, positioning Canada as a leader in the growing sectors of clean technology and the low-carbon, sustainable economy.

Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced $8.5 million in support for VueReal through Sustainable Development Technology Canada (SDTC). In addition, the Government of Ontario is supporting VueReal with $2 million in funding provided through Invest Ontario. This joint investment will support a $40 million investment VueReal is making to expand the company's operations by boosting manufacturing capacity and fabrication processes.

This is the second SDTC investment in VueReal and part of a continuing collaboration that is enabling the company to create high-brightness microLED displays. These displays are 3.5 times more energy-efficient and produce five times more light than same-sized liquid crystal displays and organic light-emitting diode displays. The SDTC-funded project will boost the company's ability to develop prototypes for various automotive, aerospace and smart glass applications.

There will never be a better time to support clean technology and to help lay the groundwork for a stronger, greener, more sustainable Canada. Through investments like this, the Government of Canada and SDTC are committed not only to protecting our environment and supporting our ambitious climate objectives but also to growing our economy and creating opportunities for all Canadians.

Quotes

"Now is the time for ambitious climate action, and to support cleantech entrepreneurs like VueReal, who are turning vision into reality with help from today's investments. Our government is proud to stand shoulder to shoulder with these groundbreaking companies as they drive innovation and make their mark as international leaders in clean technology. We will continue to support our companies as they grow the economy and create well-paying jobs in this industry."
– The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry

"VueReal's investment is a vote of confidence in Ontario's world-class workforce and advanced manufacturing sector. We're building Ontario by working closely with companies like VueReal to create more opportunities for workers today and for generations to come. Thank you VueReal for choosing Ontario."
– The Honourable Vic Fedeli, Ontario Minister of Economic Development, Job Creation and Trade

"The Government of Canada is proud to support innovative clean technology companies, like VueReal, that are working to transform our world and solve some of our most pressing challenges. When we invest in clean technology, we are investing in a stronger economy and a more sustainable future. Congratulations to the team at VueReal on receiving this support today."
– The Honourable Bardish Chagger, Member of Parliament for Waterloo

"The investment by VueReal, our province and the federal government, is proof of the confidence people have in the future of our community. It is another reason why people and companies come to Waterloo Region to take advantage of the skilled workforce and the growing vibrant neighbourhoods. Our government is proud to play a role in the partnership."
– Jess Dixon, MPP Kitchener South-Hespeler

"Homegrown tech companies like VueReal are essential to the economy of Waterloo Region and Ontario is proud to partner with them to help expand their operations. These will be high-tech, high-paying jobs that will strengthen our community now and in the future."
– Mike Harris, MPP for Kitchener-Conestoga

"VueReal's investment is welcome news for the local economy and a testament to its commitment to advancing technology in Ontario. The creation of 75 new, good-paying jobs is positive news for job seekers hoping to work and raise families in Waterloo Region. Thank you to the team at VueReal."
– Brian Riddell, MPP for Cambridge

"Anyone who has used a smartphone outside on a sunny day will appreciate the innovation that VueReal is creating. Its microLED technology will make screens not only brighter but also more energy-efficient, and the production process will create less waste. SDTC is proud to support VueReal as it develops prototypes for use in automotive display panels and beyond." 
– Leah Lawrence, President and CEO, Sustainable Development Technology Canada 

"Invest Ontario is proud to support a homegrown Canadian company that has innovated world-class microLED technology right here in Waterloo, Ontario. Our focus is to strengthen the manufacturing supply chain and accelerate financial supports to companies like VueReal that can drive rapid growth and compete in a hyper-competitive market."
– Trevor Dauphinee, CEO of Invest Ontario

"Canada's great universities, including the University of Waterloo, combined with government research funds, make it a prime location for developing cutting-edge and sustainable technologies. VueReal has leveraged this ecosystem to develop its microSolid printing technologies, which enable the creation of smart surfaces for next-generation displays and sensor applications. Moreover, a recent collaboration between VueReal, SDTC, and Invest Ontario on a project worth approximately $40 million highlights the potential to scale these technologies into full-scale production in the Waterloo Region and Ontario. These innovative technologies have a significant role in generating employment opportunities in today's modern economy and hold strategic importance for multiple industries, such as consumer electronics, healthcare, medical, security, automotive, aerospace, and more. We are proud to produce these advanced technologies and products in Waterloo, Ontario."
– Reza Chaji, CEO and Founder of VueReal

Quick facts

• In December 2020, the Government of Canada announced A Healthy Environment and a Healthy Economy, Canada's strengthened climate plan, which recapitalized SDTC with an additional $750 million over five years, representing the single largest Government of Canada investment in SDTC.
• Since its inception in 2001, SDTC has invested more than $1.58 billion in over 500 companies that have generated $3.1 billion in annual revenues, created 20,942 jobs, brought 194 new technologies to market and reduced greenhouse gas emissions by 22.6 megatonnes of CO₂ annually, which is equivalent to taking almost 7 million cars off the road every year.
• Clean technology businesses contributed more than $28.2 billion to the Canadian economy in 2021 and exported $9.2 billion in goods and services.
• In 2021, the cleantech sector employed more than 188,000 Canadians in rewarding, well-paying jobs.
• Employees in cleantech are better paid than the average Canadian worker, and women account for 41% of all jobs in the cleantech sector.
• The world is taking notice of Canada's leadership in clean technology: 13 Canadian companies, 10 of which have been funded by SDTC, were included on the 2022 Global Cleantech 100 list.

Associated links

• Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable
• Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience
• Clean technology: Canada's clean technology plan, investments and innovations for a clean growth future
• A Healthy Environment and a Healthy Economy: Canada's strengthened climate plan to create jobs and support people, communities and the planet
• Greening Government Strategy: A Government of Canada Directive

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SOURCE Innovation, Science and Economic Development Canada

Laurie Bouchard, Director of Communications, Office of the Minister of Innovation, Science and Industry, [email protected]; Media Relations, Innovation, Science and Economic Development Canada, [email protected]; Vanessa De Matteis, Minister Fedeli's office, [email protected]; Kwok Wong, Ontario Ministry of Economic Development, Job Creation and Trade, [email protected], 647-504-2774; Media Relations, Sustainable Development Technology Canada, 343-803-0672, [email protected]