CED grants $250,000 in financial assistance to Technologies Boralife. This contribution is part of nearly $40M in Government of Canada support for innovative projects in Quebec for a green, resilient economy.
SOREL-TRACY, QC, Feb. 22, 2022 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)
Today, Rachel Bendayan, Member of Parliament for Outremont and Parliamentary Secretary to the Minister of Tourism and Associate Minister of Finance, announced, on behalf of the Honourable Pascale St-Onge, Minister of Sport and Minister responsible for CED, Government of Canada financial support for Technologies Boralife to stimulate the growth of this Sorel-Tracy SME.
Technologies Boralife specializes in developing and commercializing a new eco-friendly, sustainable wood treatment technique using sodium borate to fireproof its products and protect them against insects and mould. The start-up is receiving support from Lévis-based incubator-accelerator AG Biocentre.
To help Technologies Boralife take flight, CED is granting the business a repayable contribution of $250,000. This Government of Canada assistance will enable it to enhance the exclusive certified wood fireproofing process (Boraflame) it has developed and to market this expertise. In the short term, the commissioning of this technology will help Technologies Boralife increase its sales and profitability.
More specifically, CED's contribution will enable Technologies Boralife to acquire and install automated production equipment, including a stamping line. The project will lead to the creation of four jobs.
Quotes
"The Government of Canada has made concrete commitments to demonstrate that a strong economy and a healthy environment go hand in hand. Among other actions, we are making strategic investments in clean technologies as part of our economic recovery plan. By helping businesses such as Montérégie's Technologies Boralife become more innovative and competitive and by boosting innovation to develop greener technologies and products, we are also preparing Canadians for the jobs of today and tomorrow."
Rachel Bendayan, Member of Parliament for Outremont and Parliamentary Secretary to the Minister of Tourism and Associate Minister of Finance
"Our government has taken measures to help businesses by leveraging innovation, new technologies, and the green shift. By supporting Technologies Boralife, that is exactly what we are doing today. Our support for a new SME developing an eco-friendly, sustainable technique is a compelling example of a project that will make it possible to reduce Canada's environmental impact and foster a green, resilient economy."
The Honourable Pascale St-Onge, Member of Parliament for Brome–Missisquoi, Minister of Sport and Minister responsible of CED
"Thanks to this funding, Boralife can acquire cutting-edge industrial equipment to condition its Boraflame-brand fireproof wood in line with U.S. building codes. This funding is directly linked to our business exporting its product to the U.S."
Stéphane Rompré, President, Technologies Boralife
Quick facts
- The funds have been granted under CED's Regional Economic Growth through Innovation program. This program targets entrepreneurs leveraging innovation to grow their businesses and enhance their competitiveness, as well as regional economic stakeholders helping to create an entrepreneurial environment conducive to innovation and growth for all, across all regions.
- Today's announcement is part of a series of CED announcements that will take place in the coming weeks confirming a total of nearly $40 million in investments in over 20 innovative projects by Quebec businesses and organizations that will contribute to the economy of tomorrow. These are strategic investments in projects that will make it possible to reduce Canada's environmental impact and foster a green, resilient economy.
- CED is a key federal partner in Quebec's regional economic development. With its 12 regional business offices, CED accompanies businesses, supporting organizations and all regions across Quebec into tomorrow's economy.
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SOURCE Canada Economic Development for Quebec Regions
Media Relations, Canada Economic Development for Quebec Regions, [email protected]; Ariane Joazard-Bélizaire, Press Secretary, Office of the Minister of Sport and Minister responsible for Canada Economic Development for Quebec Regions, [email protected]
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