Feds invest $7.85M in Ontario cleantech
Three companies based in Ottawa, Sault Ste. Marie, and London, Ont., will receive federal funds for projects focused on cloud computing, solar power, and biofertilizers
OTTAWA—The federal government announced $7.85 million worth of Ontario cleantech investment on June 19, for projects focusing on solar power, cloud computing and biofertilizers.
These projects are being funded through Sustainable Development Technology Canada, which works with Canadian companies to bring early-stage clean technologies to market.
The following projects will be receiving federal funds:
- $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 develops mono-crystalline solar modules.
- $903,000 for BioLINE Corp. of London, which has found ways to take the biowaste from mushroom farms and convert it into fertilizer.
“From energy to agriculture, these companies demonstrate the strength and range of Ontario cleantech. The technologies they are building will deliver real environmental and economic benefits to Canadians,” said Leah Lawrence, president and CEO, Sustainable Development Technology Canada.
The Liberal government’s Innovation and Skills Plan includes investments of nearly $1.4 billion in new financing for cleantech 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
- $570 million in working capital
- $450 million in additional project finance