FedDev Ontario announces a $5M investment in the City of Guelph
by CM Staff
The investment hopes to create 400 jobs, commercialize over 100 new products or services, and support the development and growth of up to 70 businesses.
GUELPH — On Apr. 16, Lloyd Longfield, MP for Guelph, announced a non-repayable FedDev Ontario investment of nearly $5 million for the City of Guelph to develop Canada’s first circular economy test platform and accelerator, the Circular Opportunity Innovation Launchpad (COIL). The announcement was made on behalf of the Honourable Mélanie Joly, Minister of Economic Development and Official Languages.
Through this project, the City of Guelph, in partnership with 10C Social Entrepreneurship Hub, Innovation Guelph, the Guelph Chamber of Commerce and the County of Wellington, will accelerate the growth of circular economy-focused companies in the region. “Circular economy” refers to a system where businesses maximize resources by reusing or repurposing materials—eliminating waste and greenhouse gas emissions in all stages of production. By creating the right conditions for SMEs to advance circular economy solutions, the partners expect to create 400 jobs, commercialize over 100 new products or services, and support the development and growth of up to 70 businesses.
The project will build on the foundation of the existing circular food economy platform established by the City of Guelph through the INFC Smart Cities Challenge, expanding the reach of that platform into other sectors such as packaging, water and energy, and also expanding it to support companies located outside of Guelph in other regions of southern Ontario including Ottawa and London. The COIL will offer unique access to “living lab” facilities for testing the applications and impacts of transformative circular economy technologies in real-world settings.
This support from the Government of Canada leverages over $5 million in additional private investment and enables a project that supports the City of Guelph’s goal of being a leader in sustainable development and the Government of Canada’s commitment to achieve net zero emissions by 2050.
“Canada is ready to be a world leader in green recovery, and southern Ontario’s businesses are in a unique position to drive this goal by adopting and advancing circular economy innovations and processes. The FedDev Ontario investment announced today will support the region’s SMEs to grow and strengthen this critical area, bringing their ideas to market faster, while reducing carbon emissions and creating 400 jobs.” said Mélanie Joly, Minister of Economic Development and Official Languages.