Cycles Devinci to pursue its scale-up through the acquisition of digital equipment

The Government of Canada awards over $770,000 in funding to the Saguenay company

SAGUENAY, QC, March 13, 2019 /CNW/ - Canada Economic Development for Quebec Regions (CED)

Cycles Devinci is a highly innovative manufacturing company that designs, manufactures and markets high‑end bicycles. To remain competitive and pursue its growth, the company will receive a $696,375 repayable contribution from Canada Economic Development for Quebec Regions. The funding will allow the company to acquire state-of-the-art digital equipment.

Cycles Devinci will also receive a $74,800 non-repayable contribution under the National Research Council of Canada's Industrial Research Assistance Program for R&D relating to the automation and robotization of its manufacturing processes.

The funding was announced today by Richard Hébert, Member of Parliament for Lac-Saint-Jean and Parliamentary Secretary to the Minister of Small Business and Export Promotion. Specifically, the Government of Canada's assistance will enable Cycles Devinci to acquire innovative digital equipment, such as an 8-axis robotic welding cell and a laser tube cutting cell.

Founded in 1987 by two students who wanted to create a recumbent bike, Cycles Devinci quickly turned to the production of high value-added aluminum frames. The frames are handcrafted by the company's employees, who pay great attention to detail in order to meet the expectations of even the most demanding cyclists. Cycles Devinci develops innovative bicycle designs using a structured and scientific method. The company's products fall into two categories: Devinci-brand bicycles (road, leisure and mountain bikes) for cyclists of all ages, and urban self-service bicycles ('Bixi' type SSBs) offered for rental by cities to optimize urban mobility.

The Government of Canada is committed to supporting innovative Canadian businesses. A driving force of the economy, innovation is the key to success because it generates growth that benefits both businesses and communities. This is why we are committed to ensuring that businesses can count on adequate resources to create and market innovative products.

Quotes

"The Government of Canada firmly believes that innovation and the adoption of new technologies foster the productivity and competitiveness that will create tomorrow's growth. It is with great enthusiasm that we support Cycles Devinci, a fine example of innovation right here in Saguenay. CED's support will allow the company to take full advantage of business opportunities that arise and enable it to excel in this specialized market."

Richard Hébert, MP for Lac-Saint-Jean and Parliamentary Secretary to the Minister of Small Business and Export Promotion

"As Minister of Innovation, Science and Economic Development, my goal is to help businesses grow and innovate so that they can increase their market competitiveness and create good-quality jobs and wealth for Canadians. This is why we support businesses like Cycles Devinci, whose success reflects on the region and on the Canadian economy as a whole."

The Honourable Navdeep Bains, Minister responsible for CED

"To grow, it takes passion, determination and vision—but also the means to achieve that vision. We are pleased to be able to count on the support of CED, which is giving us a valuable helping hand with our projects."

Félix Gauthier, President, Cycles Devinci

Quick facts

• Today's announcement was made on behalf of the Honourable Navdeep Bains, Minister responsible for the Innovation, Science and Economic Development portfolio, which is made up of 17 federal departments and agencies, including CED and the other five regional development agencies.
• The funding was provided under CED's Regional Economic Growth through Innovation program. To find out more about CED and its priorities, see the 2018–2019 Departmental Plan or visit www.dec-ced.gc.ca.
• The Regional Economic Growth through Innovation program targets entrepreneurs who leverage innovation to grow their businesses and make them more competitive, as well as regional players who help create an entrepreneurial environment conducive to innovation and inclusive growth in all regions.
• The National Research Council's Industrial Research Assistance Program provides business counseling to small and medium enterprises, helps them build relationships, and provides funding to assist them in being more innovative and commercializing their ideas.
• For 50 years now, the Government of Canada has been actively involved in regional economic development in Quebec: half a century of concrete action targeting the growth of Quebec's regions and businesses.

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SOURCE Canada Economic Development for Quebec Regions

For further information: Media Relations, Canada Economic Development for Quebec Regions, 514-283-7443, [email protected]