Innovative solution from Imtex Membranes will deliver energy and emissions reductions
MISSISSAUGA, ON, Feb. 1, 2019 /CNW/ - Canadian companies in all sectors are coming up with solutions to address the world's environmental challenges while at the same time creating good jobs and driving economic growth. By supporting companies, entrepreneurs and researchers, the Government is ensuring that Canada remains at the forefront of this enormous global opportunity.
Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, announced an investment of more than $6 million in Imtex Membranes. The funding is being provided by Sustainable Development Technology Canada (SDTC), which works with Canadian companies to bring clean technologies to market.
Imtex Membranes is an innovative Mississauga-based clean tech company whose made-in-Ontario technology is set to deliver significant energy and emissions reductions in petrochemical operations, notably vehicle tire production. The company's environmentally friendly and cost-effective technology requires less energy and produces less waste than traditional methods used by petrochemical producers and oil refiners. Imtex's products could lower the operating costs of its customers by up to 50 percent.
"Canada has the opportunity to be a true global leader in clean technology, creating good middle-class jobs for Canadians while tackling climate change. Imtex's unique membrane technology uses less energy and creates less waste, resulting in cleaner air for Canadians and lower operating costs for companies. Today's investment will help unlock the economic potential of clean tech in the Mississauga region and in Southern Ontario."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
"Clean technology is an economic engine for Canada. This industry provides good well-paying jobs to more than 180,000 Canadians while also helping meet our climate change goals. I am delighted that Imtex, a company right here in Mississauga, will develop a new clean technology that will make a positive difference for all Canadians thanks to this investment in Southwestern Ontario."
– Iqra Khalid, Member of Parliament for Mississauga–Erin Mills
"SDTC supports Canadian companies who, like Imtex, have the potential to become world leaders in developing new environmental technologies. Widespread industry adoption of this innovation would lead to emissions savings equivalent to taking 10 million cars off the road!"
– Leah Lawrence, President and CEO, Sustainable Development Technology Canada
"The SDTC funding enables Imtex to demonstrate and showcase the PermyleneTM membrane technology at the scale expected by the oil and gas and petrochemical industries. Building our company in Ontario increases the Canadian petrochemical industry's cost competitiveness by improving energy efficiency, increasing product value and lowering greenhouse gas emissions."
– Karlis Vasarais, President, Imtex Membranes
- Sustainable Development Technology Canada helps Canadian entrepreneurs develop and demonstrate new environmental technologies that address climate change, clean air, clean water and clean soil challenges.
- Just this week, twelve Canadian clean tech companies were recognized on the Global Cleantech 100 list; nine of these were supported by SDTC.
- Through Budget 2017, the Government provided over $2.3 billion to help clean technology firms grow and expand—the largest public investment ever committed to this field in Canada.
- This includes $400 million to recapitalize Sustainable Development Technology Canada's SD Tech Fund, which supports the development and demonstration of early-stage clean technology projects, and nearly $1.4 billion in new financing through the Business Development Bank of Canada and Export Development Canada.
- Experts expect the global clean technology market to grow to $2.5 trillion by 2022.
- Imtex Membranes is one of hundreds of companies the Clean Growth Hub has worked with to advance clean technology projects in Canada. The Hub's team of experts from across government helps companies and researchers pursuing clean technology projects identify the federal programs and supports most relevant to their needs.
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SOURCE Innovation, Science and Economic Development Canada
For further information: Dani Keenan, Press Secretary, Minister of Innovation, Science and Economic Development, 343-291-1710; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, [email protected]; Media Relations, Sustainable Development Technology Canada, 613-234-6313, [email protected]