PS Lametti announces $7.85 million for Ottawa, Sault Ste. Marie and London companies
Canadians will benefit from new innovations in solar power, cloud computing and biofertilizers as a result of a $7.85-million investment by the Government of Canada in clean technologies that are being developed by companies in Ottawa, Sault Ste. Marie and London.
These innovations will lead to well-paying middle-class jobs and new business opportunities for Canadians. They will also lead to cleaner technologies that result in less air pollution and healthier communities.
The announcement was made today by David Lametti, Parliamentary Secretary to the Minister of Innovation, Science and Economic Development, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development.
These projects are being funded through Sustainable Development Technology Canada, which works with Canadian companies to bring early-stage clean technologies to market. The funding and projects are:
- $5.5 million for Ranovus Corp. of Ottawa, which is exploring ways to reduce the amount of electricity required for companies to store information in the cloud;
- $1.45 million for Heliene Inc. of Sault Ste. Marie, which has developed technology to make solar power more reliable and affordable; and
- $903,000 for BioLINE Corp. of London, which has found ways to take the biowaste from mushroom farms and convert it into valuable fertilizer.
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.
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.”
– David Lametti, Parliamentary Secretary to the Minister of Innovation, Science and Economic Development
“From energy to agriculture, these companies demonstrate the strength and range of Ontario clean tech. The technologies they are building will deliver real environmental and economic benefits to Canadians.”
– Leah Lawrence, President and CEO, Sustainable Development Technology Canada
To help clean technology firms grow and expand, the Innovation and Skills Plan includes investments of nearly $1.4 billion in new financing on a cash basis, starting in 2017–18. That funding will be allocated through the Business Development Bank of Canada and Export Development Canada as follows:
- $380 million in equity financing to support clean technology producers
- $570 million in working capital to support clean technology producers
- $450 million in additional project finance for clean technology producers
- Budget 2017 also commits $400 million to recapitalize Sustainable Development Technology Canada’s SD Tech Fund, which supports the development and demonstration of early-stage clean technology projects.