Clear Blue Technologies receives $4M from federal government
by CM Staff
This funding will allow Clear Blue to expand its production capacity, support the commercialization of its new Pico-Grid technology, and enhance its sales and marketing strategies.
TORONTO — Clear Blue Technologies International Inc., a Smart Off-Grid Company™, announces $4-million in Government of Canada support through the Federal Economic Development Agency for Southern Ontario. This funding will allow Clear Blue to expand its production capacity, support the commercialization of its new Pico-Grid technology, and enhance its sales and marketing strategies.
The financing will be drawn upon over a 21-month period until March 2024. Repayment begins in 2025, continues to 2031, and carries 0% interest. The Company intends to use the proceeds for sales and business development, to expand its production capacity, and to support the commercialization of its new Pico-Grid technology. Pico-Grid, announced earlier in 2022 is expected to launch by the end of 2022.
“As the demand for sustainable, renewable, and cleaner energy sources continues to increase, more Canadian companies have risen to the challenge and are leading the way to change. Today’s announcement for Clear Blue Technologies Inc. will support global market expansion for the commercialization the new Pico-Grid technology, while reinforcing our shared commitment to innovative, sustainable practices that promote a globally-competitive and inclusive economy in the long term.” – The Honourable Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario.
“Clear Blue’s solutions provide a highly compelling return on investment for its customers and supports the transition to a green economy,” said Clear Blue Technologies Co-founder and CEO Miriam Tuerk. “These funds will enable the Company to bring to market its Pico-Grid power system for Satellite Wi-Fi and IoT applications, which includes expanding our production capabilities and creating new jobs to allow us to expand into global markets.”
“This $4-million funding will further cement our competitive positioning by supporting our product innovation roadmap and will expand the Company’s addressable market to include the broader satellite internet market which is estimated to be growing 20% per annum to reach US$19 Billion by 2030 according to Allied Market Research, a market research provider,” continued Ms. Tuerk.
