Minister Bains announces a $14.1-million investment in Canadian clean tech companies that will create middle-class jobs
MISSISSAUGA, ON, April 11, 2018 /CNW/ - Canadians will benefit from a healthier environment, more sustainable communities and new business opportunities across Canada thanks to $14.1 million in federal funding for clean technology development.
This investment in five Canadian companies will create well-paying middle-class jobs as a result of the new business opportunities generated by cutting-edge clean technology development.
The announcement was made today by the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, following a meeting of the Economic Strategy Tables. Minister Bains was joined by Audrey Mascarenhas, President and CEO of Questor Technology and Chair of the Clean Technology Table, and Lorraine Mitchelmore, President and CEO of Enlighten Innovations and Chair of the Resources of the Future Table.
Earlier in the day Minister Bains attended a meeting of the tables, where he discussed their strong work so far and looked at next steps to develop bold but actionable plans to support Canada's long-term economic growth.
The investment includes:
- $3.3 million to ATTAbotics of Calgary, Alberta, which is developing a robotic warehousing fulfillment system that will reduce the cost and footprint of warehouse operations;
- $2.2 million to ClinnUp Technologies of Saint-Ferréol-les-Neiges, Quebec, which is changing how municipal wastewater is treated by merging electricity with biological processes;
- $1.1 million to KmX Membrane Technologies of Oakville, Ontario, which has developed an innovative water treatment technology that offers the potential for significant environmental, operational and financial benefits at mine sites worldwide;
- $4.1 million to New Rubber Technologies of Tilbury, Ontario, which is working to turn scrap rubber and plastics into new high-value materials and products, including eco–thermoplastic elastomers that provide cost advantages and environmental benefits; and
- $3.4 million to Springpower International of Mississauga, Ontario, which has developed a lower cost and environmentally friendly process for the production of lithium ion batteries..
These projects are being funded through Sustainable Development Technology Canada, which works with Canadian companies to bring early-stage clean technologies to market.
Investments in clean technology are part of the Government's Innovation and Skills Plan, a multi-year strategy to create well-paying jobs for the middle class and those working hard to join it.
"Our government's investments in clean technology reflect our commitment to protecting the planet. But they also point to a clear and strategic direction for economic development through innovation. That's because innovations in clean tech will lead to products and services that have an impact on all sectors of the economy. And clean tech has the potential to create thousands of well-paying middle class jobs for Canadians. That's how innovation leads to a better Canada."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
"These projects are proof that Canadian clean technology innovators are developing game-changing technologies across every economic sector. ATTAbotics, Springpower, New Rubber Technologies, KMX and ClinnUp are a great representation of the wide range of world-class solutions being developed across the country—from warehousing robotics to water treatment, rubber recycling and the elimination of liquid waste, all while improving productivity. Today's investment will help build strong, successful companies committed to delivering real environmental benefits for Canadians."
– Leah Lawrence, President and CEO, Sustainable Development Technology Canada
- To help clean technology firms grow and support clean technology producers, the Innovation and Skills Plan included investments of nearly $1.4 billion in new financing on a cash basis, starting in 2017–18, through the Business Development Bank of Canada and Export Development Canada: $950 million in growth capital and approximately $450 million in additional project finance.
- 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.
- The Economic Strategy Tables provide advice in the areas of advanced manufacturing, agri-food, clean technology, digital industries, health and biosciences, and resources of the future. Each of the tables recently completed an interim report outlining priorities for its sector.
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SOURCE Innovation, Science and Economic Development Canada
For further information: Karl W. Sasseville, Press Secretary, Office of the Minister of Innovation, Science and Economic Development, 343-291-2500; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, [email protected]