Innovative companies based in Delta, B.C. receive over $1.6 million to expand production of recycled plastics and energy monitoring technology Français
PacifiCan funding will help develop new products and spur the growth of two innovative B.C. companies.
DELTA, BC, March 15, 2024 /CNW/ - The City of Delta has one of the fastest growing industrial areas in Greater Vancouver and is home to innovative companies like Plascon Plastics Corporation and GridGear Solutions Ltd. By developing solutions to environmental challenges, these two companies are poised for further growth.
PacifiCan is here to help B.C. businesses grow locally and compete globally. That is why, today, the Honourable Carla Qualtrough, Minister of Sport and Physical Activity and Member of Parliament for Delta, on behalf of the Honourable Harjit S. Sajjan, Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), announced $1,628,450 in funding for Plascon Plastics and GridGear through the Business Scale-up and Productivity program.
Plascon Plastics will receive over $1.2 million to expand its manufacturing capacity for sustainable plastic injection moulding. Injection moulding is a process for producing parts by injecting molten plastic into a mould. Plascon Plastics is innovating in the use of post-consumer recycled materials such as recycled plastics, used car tires and carpet fibres in the injection moulding process. PacifiCan funding will allow Plascon Plastics to purchase new equipment and moulds, hire more employees, and increase product offerings, including developing a transparent 4.15-gallon pail that is currently not available in North America.
Minister Qualtrough also announced $381,750 in funding to GridGear, a producer of electricity submetering technology. Submetering technology allows users to better understand their energy use and help them reduce energy consumption to cut costs. With the PacifiCan support, GridGear will scale up production and commercialize their next generation submetering technology. This new technology will enable GridGear to offer their products to industrial customers that require a submeter that can handle higher voltages.
The projects announced today align with PacifiCan's interests in boosting advanced manufacturing and clean technology in B.C. They drive innovation, revenue growth and job creation, supporting PacifiCan's vision of enduring prosperity for all British Columbians.
"British Columbia is a hub for clean tech innovation. GridGear Solutions and Plascon Plastics are great examples of local companies who are building a cleaner, more sustainable future in B.C. and beyond. PacifiCan is a proud partner in supporting businesses who are making a difference."
- The Honourable Harjit S. Sajjan, Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan)
"Delta is home to hard-working entrepreneurs that are leading the way in creating innovative new products to solve today's environmental challenges. The funding from PacifiCan will allow Plascon Plastics and GridGear Solutions to seize opportunity and realize their ambitions, further cementing Delta's place as a leader in the growth of the B.C. economy."
- The Honourable Carla Qualtrough, Minister of Sport and Physical Activity and Member of Parliament for Delta
"Our focus on new product development and innovation to help customers reduce their energy usage is our primary mission as an organization. With the help of PacifiCan, we have expanded our innovation efforts and are excited to help new customers around the globe reduce their electricity usage to make for a brighter future."
- Colton Gabara, Director of Operations, GridGear Solutions Ltd.
- The global plastic injection molding market was estimated at US$183B in 2022 and is expected to grow at a compounded annual growth rate of 4.8% to US$266B by 2030.
- Studies have shown that installation of sub-metering technology in the multi-residential sector resulted in reduction of electricity use by 34% for non-electrically heated buildings and by 27% in electrically heated buildings.
- PacifiCan is the dedicated federal economic development partner for British Columbians. PacifiCan is helping B.C. businesses grow locally and compete globally, creating quality jobs, connecting industry leaders, and supporting an inclusive economy that benefits all British Columbians.
- PacifiCan's Business Scale-up and Productivity program supports high-growth (at least 20% revenue growth year-over-year) businesses that are scaling up and producing innovative goods, services or technologies. It offers interest-free, repayable funding to incorporated businesses.
- PacifiCan
- Business Scale-up and Productivity program
- Plascon Plastics Corporation
- GridGear Solutions Ltd.
SOURCE Pacific Economic Development Canada
Contacts, Haley Hodgson, Senior Communications Advisor, Office of the Minister of Emergency Preparedness and Pacific Economic Development Agency of Canada (PacifiCan), [email protected]; Ben Letts, Senior Communications Advisor, PacifiCan, [email protected]
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