Government of Canada supports innovative company specializing in waste reduction that helps protect the environment Français
Investment supports Cobric Chemicals, a growing Canadian cleantech company, and will promote sustainability and the waste-recycling market
BARRIE, ON, Dec. 1, 2021 /CNW/ - Canada's cleantech entrepreneurs are proving their power to take on today's environmental challenges. Working in partnership with innovative companies, the Government of Canada is supporting the growth of a greener economy.
Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced an investment of $3.8 million in Barrie-based Cobric Chemicals through Sustainable Development Technology Canada (SDTC). This is the first SDTC investment in Cobric Chemicals and part of a partnership that will further the company as an industry leader in waste-recycling services.
Cobric Chemicals will use the investment to advance its high-temperature metal-recovery technology, which is used to recycle electric arc furnace dust (EAFD), a waste product generated in the steel industry. The company has pioneered a modular metal recovery process for separating zinc from EAFD. The recovered zinc can be used for such purposes as galvanizing steel against corrosion and die casting machine parts, thereby diverting the valuable material from landfills.
The first demonstration system will be installed in Ontario in collaboration with a local waste management company and steel mills. Cobric Chemicals plans to license its technology to a Canadian waste management company to market the service to steel producers.
The Government of Canada is committed to investing in clean technology that lays the foundation for a stronger, greener and more sustainable economy that creates opportunities for all Canadians. Today's investment will help grow our economy and support Canada's ability to meet its 2030 climate commitments and reach net-zero greenhouse gas emissions by 2050.
Quotes
"Now is the time for ambitious climate action. Cleantech innovation, entrepreneurship and commercialization are key to the vital shift to a healthier environment and a net-zero carbon economy. Today's announcement will boost our leadership in climate and waste reduction technologies and help foster a truly Canadian success story."
– The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
"Canadian entrepreneurs are driving the innovation that is moving us towards a more sustainable and prosperous future. This investment will enable Cobric Chemicals to rapidly accelerate and commercialize its ideas and continues the momentum of public and private commitments to advancing clean technology."
– Leah Lawrence, President and CEO, Sustainable Development Technology Canada
"This SDTC funding will assist the growth of Cobric's recycling footprint in North America and eventually worldwide as we plan to scale our high-temperature metal-recovery technology globally to grow in lockstep with our customers and pursue new market opportunities."
– Peter L Weinwurm, Founder and CEO, Cobric Chemicals
Quick facts
- Clean technology companies currently employ more than 211,000 Canadians in rewarding, well-paying jobs.
- SDTC is an independent federal foundation that funds companies with the potential to become world leaders in environmental technologies and help solve some of the planet's most pressing environmental challenges, such as climate change and polluted air, water and soil.
- SDTC is Canada's largest funder of clean technology entrepreneurs, and its support makes a significant difference in today's hyper-competitive global market.
- Since 2001, SDTC has invested more than $1.38 billion in 460 companies that have generated $2.8 billion in annual revenues, created 16,930 jobs, brought 177 new technologies to market and reduced greenhouse gas emissions by 22.4 megatonnes of CO2 annually, which is equivalent to taking almost 7 million cars off the road every year.
- The world is taking notice of Canada's leadership in clean technology: 11 Canadian companies, 9 of which have been funded by SDTC, placed on the 2021 Global Cleantech 100 list.
- In December 2020, the Government of Canada announced A Healthy Environment and a Healthy Economy, Canada's strengthened climate plan, which has increased support for SDTC with an additional $750 million over five years, representing the single largest Government of Canada investment in SDTC since its inception in 2001.
Associated links
- Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience
- Clean technology: Canada's clean technology plan, investments and innovations for a clean growth future
- A Healthy Environment and a Healthy Economy: Canada's strengthened climate plan to create jobs and support people, communities and the planet
- Greening Government Strategy: A Government of Canada Directive
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SOURCE Innovation, Science and Economic Development Canada
John Power, Senior Manager, Communications and Media Relations, Office of the Minister of Innovation, Science and Industry, [email protected]; Media RelationsInnovation, Science and Economic Development Canada, [email protected]; Media Relations, Sustainable Development Technology Canada, 343-803-0672, [email protected]
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