Pair of Toronto cleantech companies land $9.5M from feds
The SDTC funding will support solar and energy storage projects at Morgan Solar and NRStor
TORONTO—Sustainable Development Technology Canada is investing $9.5 million in two Toronto clean technology companies.
The funding will support a pair of solar projects at Morgan Solar Inc., which is working on new planar optical technology to cut material costs in solar cells. One of the company’s research initiatives aims to create a high-efficiency panel for buildings, while the other focuses on the utility solar market.
SDTC funding for Morgan Solar totals $7.4, but the two projects will garner approximately $23 million in investment overall.
Meanwhile, the arms-length government group will invest $2.1 million in energy storage company NRStor Inc.
Part of a wider $6.4 million project, the company is working with Hydrostor—another Toronto-based firm—and the University of Waterloo to develop a new type of energy storage project that involves storing compressed air in an underground salt cavern. NRStor says the technology could be tested in Ontario but deployed around the world.