Minister Bains announces $58.6 million to support 14 Canadian companies through Sustainable Development Technology Canada
OTTAWA, Oct. 3, 2018 /CNW/ - Across Canada, companies on the leading edge of innovation and job creation are advancing clean technologies across all sectors of the economy and finding new ways to solve the world's environmental challenges. That's good for everyone: clean technologies can create well-paying jobs that will support the Canadian economy and help Canada meet its climate change goals.
Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, announced $58.6 million in funding to 14 Canadian clean technology companies. These projects are being funded through Sustainable Development Technology Canada (SDTC), which works with Canadian companies to bring clean technologies to market.
The funding announced today includes support for projects in Quebec on using innovative touch technologies for people to interact with computer applications; reducing greenhouse gas emissions from the concrete industry; rehabilitating water mains; and better managing lithium-ion batteries. It also includes support for projects in Ontario on micro-LED energy technology, alumina recovery and more power-efficient cloud-based data centres. In western Canada, SDTC is supporting projects on machine learning for pumping from oil and gas wells; automation to help wind farms optimize power production; a biopesticide for use in Canadian agricultural markets; renewable canola seed oil for replacing petrochemicals in commonly used products like cushions and running shoes; and data and machine learning to improve tree fruit and nut crops while using less water and reducing greenhouse gas emissions.
The investments announced today align with recommendations received from industry leaders in the Clean Technology Economic Strategy Tables to address gaps in scale-up finance that will accelerate the growth of Canadian clean technology companies. Investments in clean technology are also part of the Government's Innovation and Skills Plan, a multi-year strategy that is positioning Canada to be a global centre for innovation, creating good middle-class jobs right across the country.
"Our government supports the researchers, entrepreneurs and investors that make Canada a global leader in the growing clean technology market. These are the people who are creating the next wave of good, well-paying jobs for Canadians while protecting our clean air, water and food for generations to come."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
"This is an exciting milestone for the Canadian cleantech companies that are working tirelessly to develop ground-breaking technology solutions. Our team at Sustainable Development Technology Canada dedicated 2017–2018 to operating at the speed of business to better support Canadian cleantech developers. We made it simpler and more streamlined for companies to access financing, execute projects and move into the markets where they can shift from start-up to scale-up."
– Leah Lawrence, President and CEO, Sustainable Development Technology Canada
- Sustainable Development Technology Canada helps Canadian entrepreneurs develop and demonstrate new environmental technologies that address climate change, clean air, clean water and clean soil.
- Budget 2017 provided over $2.3 billion to help clean technology firms grow and expand. This includes investments of nearly $1.4 billion in new financing through the Business Development Bank of Canada and Export Development Canada.
- The Government has also made available $400 million to recapitalize Sustainable Development Technology Canada's SD Tech Fund, which supports the development and demonstration of early-stage clean technology projects.
- Global experts expect the clean technology market to grow to $2.5 trillion by 2022.
- Report from Canada's Economic Strategy Tables: The Innovation and Competitiveness Imperative
- Backgrounder – 14 Canadian clean technology companies receiving funding
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SOURCE Innovation, Science and Economic Development Canada
For further information: Nilani Logeswaran, Press Secretary, Office of the Minister of Innovation, Science and Economic Development, 613-668-1794; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, email@example.com