TORONTO—Two Ontario companies are receiving federal funds to finance innovations in lightweight auto components and electric car batteries.
Astrex Inc. of Lakeshore Ont. will receive a repayable contribution of up to $17 million from FedDev Ontario’s Advanced Manufacturing Fund, to establish a facility that produces lightweight aluminum auto parts—which can reduce fuel consumption and lower carbon emissions.
Astrex plans to create 62 new full-time jobs this year and an additional 24 jobs in the next two years as a result of the federal investment.
Another $1.2 million in a non-repayable contribution will go to Ottawa-based GBatteries Energy Canada Inc. The funding from Sustainable Development Technology Canada’s SD Tech Fund, which funds clean-technology projects, will allow the company to develop longer lasting batteries for electric cars.
Navdeep Bains, federal minister of Innovation, Science and Economic Development, announced funding totalling $18.2 million for the two companies Feb. 16.
“The investments made today in Astrex and GBatteries will lead to new products and services that are more energy efficient, emit lower carbon emissions and promote healthier communities,” said Bains.