MP Linda Lapointe announces $2.9 million for Boisbriand company to develop innovative technologies for reusable batteries
BOISBRIAND, QC, Nov. 3, 2017 /CNW/ - Canadians will benefit from a new clean technology that extends lithium-ion (reusable) battery life, thanks to a $2.9-million investment by the Government of Canada.
The announcement was made today by Linda Lapointe, Member of Parliament for Rivière-des-Mille-Îles, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development.
This investment in Raymor Industries Inc. supports the innovative use of graphene to improve battery performance and longevity. The technology can also reduce carbon dioxide emissions created during battery production, which will mean cleaner communities and a healthier environment.
This project is being funded through Sustainable Development Technology Canada, which works with Canadian companies to bring early-stage clean technologies to market.
Investments in clean technology 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.
"Investments like the one we celebrate today are key to Canada's transition to a low-carbon economy. It is clean tech innovation that will help propel Canada's economy forward while at the same time creating new jobs and protecting our environment."
– Linda Lapointe, Member of Parliament for Rivière-des-Mille-Îles
"Our government's investments in clean technology reflect our commitment to protecting the planet. But they also point to a clear and strategic direction for economic development through innovation. That's because innovations in clean tech will lead to products and services that have an impact on all sectors of the economy. And clean tech has the potential to create thousands of well-paying jobs for Canadians. That's how innovation leads to a better Canada."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
"Raymor's technology produces high-capacity lithium-ion batteries at a fraction of current costs while reducing the CO2 emissions generated by battery manufacturing. Lithium-ion batteries are widely used in consumer and industrial applications, including smartphones and electric vehicles. SDTC is proud to support this game-changing technology that will deliver real economic and environmental benefits across Canada and around the world."
– Leah Lawrence, President and CEO, Sustainable Development Technology Canada
"This constitutes a critical milestone for the development of our nano-materials division. Our partnership agreement with PPG signed early this year together with the equity investment by the Tianqi Group and the financial contribution of SDTC obtained with the assistance of several commercial partners will allow us to speed up the development of our high-quality graphene solutions for the battery market. Our objective for this project is to achieve the same level of success we realized with our previous division, AP&C, which specializes in the production of titanium powder for additive manufacturing."
– Jacques Mallette, CEO, Raymor Industries
- To help clean technology firms grow, the Innovation and Skills Plan includes investments of nearly $1.4 billion in new financing on a cash basis, starting in 2017–18. The new financing will be mobilized through the Business Development Bank of Canada and Export Development Canada as follows:
- $950 million in growth capital to support clean technology producers
- approximately $450 million in additional project finance for clean technology producers
- Budget 2017 also made available $400 million to recapitalize Sustainable Development Technology Canada's SD Tech Fund, which supports the development and demonstration of early-stage clean technology projects.
Follow the department on Twitter: @ISED_CA
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]