The Honourable Harjit S.Sajjan announces funding of over $11.1 million to four companies in the life sciences, clean technology, and digital technology sectors
BURNABY, BC, May 31, 2022 /CNW/ - British Columbia's small and medium-sized enterprises (SMEs) are critical to their communities – they create jobs, drive economic growth, and develop products and services that help solve local and global challenges.
The Government of Canada believes in these companies.
Today, the Honourable Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), announced over $11.1 million in funding for four innovative companies in the life sciences, clean technology and digital technology sectors.
Minister Sajjan made the announcement at Burnaby-based Kardium Inc., a leading life sciences company. In 2021, Kardium was named medical technology company of the year by Life Sciences BC.
The Minister's announcement included Business Scale-up and Productivity (BSP) funding of $5 million for Kardium. This funding will help Kardium increase manufacturing capacity at its Burnaby facility to support worldwide sales of its Globe system. The Globe system is a medical device for the treatment of atrial fibrillation, a common heart rhythm disorder. It is anticipated that this investment will result in increased sales, revenue and the creation of 350 new jobs.
Minister Sajjan also announced support to three other companies.
HTEC will also receive $5 million in BSP funding. HTEC designs, builds and operates hydrogen fuel supply solutions to support the deployment of hydrogen fuel cell electric vehicles. The company currently has 17 stations at various stages of operations, development and planning in B.C., Alberta, Quebec, and California.
With the funding, the company plans to build a green hydrogen production plant in Burnaby, BC. This plant will be able to produce 1000 kg of hydrogen a day, which will help support its current fueling stations and add additional ones. This investment will spur revenue growth and is anticipated to create 10 direct and additional indirect jobs.
Kobalt Security Inc. is also receiving $530,025 through the BSP program. Kobalt provides cyber security programs for SMEs. With this funding, Kobalt will engage in an ambitious expansion of its services into the US and other English-speaking countries. The company expects this expansion to create 60 new jobs.
Symvivo Corporation will receive $650,000 in BSP support. Symvivo is a clinical-stage biotechnology company that has developed a bacterial gene delivery platform that uses engineered live bacteria to deliver genetic material into disease sites.
With the BSP funding, the company will purchase and install new equipment, acquire laboratory materials and hire additional staff to expand in-house bio-manufacturing capacity at its current facility in Burnaby. This investment will boost revenue and create 20 new jobs.
Promoting innovation is a priority for PacifiCan. These investments will generate jobs and growth in the life sciences and digital technology sectors.
Quote(s)
"With the creation of PacifiCan, B.C. companies have a partner they can rely on. These investments are an example of this commitment and will allow these innovative companies to scale up their businesses, providing jobs and helping create a stronger B.C. economy."
- The Honourable Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada
"We are very excited to receive the BSP funding from PacifiCan. This funding will help Kardium build a new, state of the art cleanroom manufacturing facility for our Globe System, right here in Burnaby. We plan to grow our team to manufacture the Globe Systems that will be used in our pivotal clinical study and worldwide commercial launch."
- Kevin Chaplin, CEO, Kardium, Inc.
"Kobalt.io is excited to be partnering with PacifiCan to further accelerate our growth in US and overseas markets. Closer to home, Canadian clients working with Kobalt.io benefit from improved cybersecurity, which enables them to focus on their core business and accelerate growth and hiring."
- Michael Argast, CEO and Co-founder, Kobalt.io
"The BSP program adds the manufacturing capabilities and essential scale required for Symvivo to expand our partnerships and continue the development of our innovative medicines. We are greatly appreciative of the support."
- Alexander Graves, CEO, Symvivo
"Having designed and built the first hydrogen fueling station network in BC, HTEC is continuously working on innovative solutions to get us closer to the net zero goal by 2050. And advancing low-carbon hydrogen projects will allow us to significantly reduce our emissions and air quality. Specifically, this green-hydrogen production facility will enable the deployment of more than 2,000 hydrogen electric cars in BC and will lead to more than 70,000 tonnes of CO2 emissions reduction over a ten-year period."
- Colin Armstrong, President and CEO, HTEC
Quick facts
- PacifiCan is the regional development agency dedicated to British Columbia. PacifiCan promotes growth and diversification in British Columbia's economy by enhancing innovation, improving business competitiveness, and promoting inclusive growth.
- The Business Scale-up and Productivity (BSP) program makes strategic investments in key economic sectors, helping innovative companies accelerate their growth and compete globally.
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SOURCE Pacific Economic Development Canada
Haley Hodgson, Press Secretary, Office of the Minister of Economic Development, [email protected]; Ben Letts, Communications Manager, Pacific Economic Development Canada, [email protected]; Toll-Free Number: 1-888-338-9378, TTY (telecommunications device for the hearing impaired): 1-877-303-3388
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