FedDev Ontario invests $7.5M in Invest WindsorEssex to help advanced manufacturers scale up
by CM Staff
The investment aims to support 1,350 entrepreneurs and helping to scale firms in the automobility sector and attract $40 million in foreign direct investment.
WINDSOR — On May 19, Irek Kusmierczyk, MP for Windsor–Tecumseh, on behalf of Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedDev Ontario, announced a FedDev Ontario non-repayable contribution of $7.5 million for Invest WindsorEssex (IWE) to establish Canada’s first automobility accelerator.
Leveraging the region’s roots in automotive manufacturing, IWE hopes to bring together key stakeholders in the Windsor-Essex region to support the development of secure, zero emissions vehicles technologies.
With this investment, IWE will offer a full spectrum of training and other programming to support the upskilling of 1,350 automobility entrepreneurs and scaling firms. Tailored to the needs of start-ups and scale-ups in the automobility ecosystem, with a focus on electric vehicles (EV), connected and autonomous vehicles (CAV), and cyber security firms, this support will help entrepreneurs to accelerate the commercialization of their technologies while positioning the region as a hub for automobility innovation and investment.
The project also comes with environmental benefits, such as new technologies for EV and CAV. It is this type of innovation and action that hopes to help Canada achieve its plan for a green recovery that fights climate change and builds a net-zero economy by investing in world-leading technologies that make industry cleaner.
FedDev Ontario’s investment will also leverage an additional $12.3 million in private sector and other matching funding, and attract $40 million in new foreign direct investment to the region.
The investment builds on an initial $5-million FedDev Ontario investment, announced in September 2019 to help IWE establish and catalyze the growth of a next-generation automobility cluster, attract investment to the region and create jobs of the future. The project initiated over 30 partnerships and projects to date, resulting in more than 300 new jobs created and nearly $50 million in funds leveraged for the region.
“Today’s announcement furthers the local economic development strategy of the Windsor-Essex region to anchor its growth around a developing automobility cluster—one that will support 1,350 entrepreneurs and companies and attract $40 million in foreign direct investment here to Windsor-Essex. The far-reaching results of FedDev Ontario’s investments can be seen in small-and medium-sized businesses across the region that are successfully weathering COVID-19 and building resilience for the future.” said Irek Kusmierczyk, MP for Windsor–Tecumseh.
