Minister Boissonnault announces federal investments to support business growth and job creation in Edmonton region Français
Over $12.2 million through PrairiesCan will help 11 innovative companies across Edmonton to scale-up operations and enter new markets
EDMONTON, AB, Aug. 25, 2023 /CNW/ - The Edmonton region is home to a skilled workforce, one of North America's fastest growing technology sectors and some of Canada's most innovative, high-growth companies that are strengthening our economy. The federal government is committed to supporting Edmonton's leading-edge companies to continue growing and creating quality jobs that Canadians can count on.
Today, the Honourable Randy Boissonnault, Minister of Employment, Workforce Development and Official Languages, on behalf of the Honourable Dan Vandal, Minister for PrairiesCan, announced a federal investment of more than $12.2 million for 11 companies across sectors ranging from clean technology and healthcare to quantum computing and artificial intelligence.
Examples of local companies receiving support include:
- Alberta Honey Producers Co-operative Ltd. is receiving $1,822,945 to expand and modernize honey processing and packaging operations, as well as to increase its capacity and bolster sales growth in both North American and Asian markets.
- Boreal Laser Inc. is receiving $1,259,660 to launch a suite of products that incorporate enhanced technologies with the ability to measure gas emissions reliably and scale-up growth in global markets.
- Copperstone Technologies is receiving $1,912,485 to design and build state-of-the-art robots to meet demand for its remote operated hazardous environmental monitoring services.
- DrugBank (incorporated as OMx Personal Health Analytics Inc.) is receiving $715,000 to improve the functionality of its pharmaceutical knowledgebase software and to support international sales growth through product-led growth and partnerships.
- Zero Point Cryogenics Inc. is receiving $604,140 to establish a manufacturing facility with custom dilution refrigerator production capability and to scale-up marketing to capitalize on the growing demand for cryogenic systems in the quantum computing industry.
Today's investments are expected to help support the creation of 475 jobs. Federal funding is repayable and is provided through the Business Scale-up and Productivity (BSP) program and the Jobs and Growth Fund (JGF). PrairiesCan administers these federal programs in Alberta.
"Today's investments will help some of the Edmonton region's most innovative companies to grow their manufacturing capacity, launch new products and expand to new markets. This is good for Alberta businesses, helps strengthen and diversify Alberta's economy, and lays the foundation for quality jobs that Albertans can rely on."
- The Honourable Dan Vandal, Minister for PrairiesCan
"The Edmonton metro region is an economic powerhouse. Whether in renewable technology and healthcare, quantum computing and artificial intelligence, or the energy sector, the companies we're investing in will be key to our economic prosperity for years to come. Today's investments are about supporting local, innovative businesses that are creating jobs and building an economy that works for everyone."
- The Honourable Randy Boissonnault, Minister of Employment, Workforce Development and Official Languages
"Edmonton is booming, achieving 96% growth in ecosystem value in the past year through the power of collaboration. These 11 remarkable companies receiving PrairiesCan funding today are key contributors in positioning Edmonton as an inclusive global innovation capital, delivering solutions to the world's toughest challenges, and enhancing international competitiveness. Having supported a number of these high-growth startups through Edmonton Unlimited, we are now excited to see their flourishing operations, hot new jobs, and technological breakthroughs."
- Catherine Warren, CEO, Edmonton Unlimited
"Support from the PrairiesCan BSP program is crucial to Boreal Laser's growth plan. The funding will be used to invest in the people, products, and processes necessary to enable Boreal Laser to "Cross the Chasm" from niche to mainstream gas detection markets."
- Dr. Hamish Adam, Director, Boreal Laser
- PrairiesCan funding for 11 Edmonton and area companies is being provided through the Business Scale-up and Productivity program, as well as the Jobs and Growth Fund.
- The Business Scale-up and Productivity program supports high-growth businesses that are scaling up and producing innovative goods, services, or technologies. Funding is interest-free and repayable.
- The Jobs and Growth Fund helps job creators and the organizations that support them future proof their businesses, build resiliency, and prepare for growth. Funding is interest-free and repayable.
The total of $12,246,084 in funding will provide more opportunities for business growth and jobs across key sectors to support a prosperous economic future across Edmonton. Eleven companies are receiving federal funding to scale-up and expand into new markets. A total of 475 jobs are expected to be created as a result of these investments.
Federal funding is repayable and has been allocated through the Business Scale-up and Productivity program, and the Jobs and Growth Fund. Both programs are administered in the Prairie provinces through PrairiesCan.
The BSP program supports high-growth businesses that are seeking to improve productivity, scale-up and commercialize technology. It offers interest-free, repayable funding to incorporated businesses that have been in operation for a minimum of two years. Today, PrairiesCan announced support for three companies:
- Boreal Laser Inc. ($1,259,660)
Launch a suite of products that incorporate enhanced technologies to reliably measure gas emissions and scale-up growth in international markets. - NanoSpeed Diagnostics Inc. ($736,750)
Obtain certification required to manufacture and market its proven rapid healthcare device in North American markets. - DrugBank (incorporated as OMx Personal Health Analytics Inc.) ($715,000)
Improve the functionality of its pharmaceutical knowledgebase software and support international sales growth through product-led growth and partnerships.
The JGF is a $700-million federal program to support regional job creation and position local economies for long-term growth. The Fund provides businesses and organizations with either interest-free loans or non-repayable funding to help job creators and the organizations that support them to prepare for growth, build resiliency, enhance competitiveness and create jobs.
Today, PrairiesCan announced support for eight companies:
- Alberta Honey Producers Co-operative Ltd. ($1,822,945)
Expand and modernize honey processing and packaging operations to increase capacity and support sales growth in North American and Asian markets. - Applied Quantum Materials Inc. ($619,500)
Increase manufacturing capacity to meet global demand for non-toxic silicon nano materials used in products across the electronics, healthcare, construction, energy and consumer goods industries. - Copperstone Technologies ($1,912,485)
Design and build state-of-the-art robots to meet demand for their remote operated hazardous environmental monitoring services. - Onlea Enterprises Inc. ($285,000)
Develop and market an expanded product line of artificial intelligence-enabled online learning tools and services to create inclusive learning experiences. - Samdesk (Incorporated as Social Asset Management) ($1,600,000)
Increase sales of its advanced artificial intelligence assisted crisis detection and alerting services across new global markets and industries. - TC Scientific Inc. ($1,190,604)
Expand operations of specialized scientific and analytical services that enable companies in the life sciences sector to test their products. - True Angle Medical Technologies Inc. ($1,500,000)
Refine existing technologies and integrate technology to increase market size for mobile dysphagia treatment devices which provide real-time feedback for clinicians and patients to monitor progress in executing rehabilitation exercises. - Zero Point Cryogenics Inc. ($604,140)
Establish a manufacturing facility to produce custom dilution refrigerators and to scale-up marketing to capitalize on the growing demand for cryogenic systems in the quantum computing industry.
- Prairies Economic Development Canada (PrairiesCan)
- Business Scale-up and Productivity (BSP)
- Jobs and Growth Fund (JGF)
Follow PrairiesCan on Twitter and LinkedIn
Toll-Free Number: 1-888-338-9378
TTY (telecommunications device for the hearing impaired): 1-877-303-3388
SOURCE Prairies Economic Development Canada
Kyle Allen, Press Secretary and Communications Advisor, Office of the Minister of Northern Affairs, Minister responsible for Prairies Economic Development Canada, and Minister responsible for the Canadian Northern Economic Development Agency, [email protected]; Rohit Sandhu, Communications Manager, Prairies Economic Development Canada, [email protected]
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