QUÉBEC CITY—Canada Economic Development for Quebec Regions, better known as the CED, is investing just over $1 million in three Quebec manufacturers and a pair of service firms.
Designed to create jobs and help the companies—all based in Quebec City—scale up, the repayable funding will spur private sector investments of nearly $6.5 million.
The five businesses to receive funding are:
Megatech Precision Machining will get $350,000 to support a $4,450,000 expansion project. The precision machining company will use the funding to buy new equipment as well as expand its facility. The overall project is expected to create 20 jobs.
The CED will invest $300,000 in Telops, which designs and manufactures infrared and hyperspectral cameras for the defence, environmental and research sectors. The company will use the contribution to build demonstration cameras. The total project will cost $755,000 and create two jobs.
SiliCycle Inc., which manufactures silica-based products used by pharmaceutical and biotechnological companies, will receive $200,000 to support a $460,000 project. The company will buy automated management software with the funding and expects to create 10 jobs.
Poka, a startup looking to commercialize a collaborative communications platform for manufacturers will receive $120,000. The company is investing a total of $500,000 to launch the platform in the U.S. and Canada, creating two jobs.
The CED will direct $90,000 to Cortex Media to support a $200,000 expansion into the U.S. The company expects to create two jobs.