Minister Bains announces $26.3-million investment in clean technology with the potential to transform industries
OTTAWA, May 30, 2018 /CNW/ - To benefit Canadians, our economy and the environment, the Government of Canada is contributing to the development of technologies that lead to less pollution, healthier communities and the creation of well-paying middle-class jobs.
Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, announced a federal investment of $26.3 million in four companies. The Minister made the announcement at Sustainable Development Technology Canada's (SDTC) Cleantech Leadership Summit. This third annual summit brought together 150 clean tech CEOs and thought-leaders from across Canada to discuss opportunities for Canadian clean technology producers to compete and win in the global economy.
The four companies receiving funding today join the more than 300 others that SDTC has invested in since 2001. The investment announced today by Minister Bains includes:
- $10 million to D-Wave Systems Inc. of Burnaby, British Columbia, which is developing quantum computing systems that are more energy-efficient and help reduce emissions from high-performance computing.
- $2.3 million to Ionomr Innovations Inc. of Vancouver, British Columbia, which has developed a more efficient, durable and cost-effective membrane system for water treatment and purification, grid-level energy storage, and clean-tech energy generation.
- $4 million to MineSense Technologies Ltd. of Vancouver, British Columbia, which is making the mining process cleaner and more efficient using sensor technology and data analytics.
- $10 million to MEG Energy Corp. of Calgary, Alberta, which is developing a way to improve bitumen recovery in oil sands development and production while reducing greenhouse gas emissions and water consumption.
These investments demonstrate that the environment and the economy can go hand in hand.
Investments in clean tech 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 tech reflect our commitment to protecting the planet and growing our economy. They also point to a clear direction for economic development through innovation. That's because innovations in clean tech have 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 companies are great examples of how Canadian innovations are poised to improve Canada's economy while protecting the environment. SDTC's investments in D-Wave, MEG Energy, MineSense and Ionomr will deliver environmental benefits to multiple industries and demonstrate our government's commitment to helping businesses scale and compete on the global stage."
– Leah Lawrence, President and CEO, Sustainable Development Technology Canada
- Budget 2017 set aside more than $2.3 billion to boost the growth of Canada's clean tech space. That's the largest public investment ever committed to this field in Canada.
- Sustainable Development Technology Canada (SDTC) is a foundation created by the Government of Canada to advance clean technology innovation in Canada by funding and supporting small and medium-sized enterprises in developing and demonstrating clean technology solutions.
- SDTC has invested almost a billion dollars in close to 350 ideas and more than 300 companies. These companies have created more than 9,400 well-paying jobs, generated approximately $1.9 billion in annual revenues and reduced greenhouse gas emissions by 10.1 megatonnes of carbon dioxide equivalent annually (as of March 31, 2017).
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]; Sho Sengupta, Manager, Communications, Sustainable Development Technology Canada, [email protected], 613-234-6313, extension 310