Aug 8, 2017

Electrovaya recently completed $15 million convertible debenture financing with an unnamed investor. photo credit: Electrovaya News Release Minister Bains announces $15.5 million for Toronto-area companies, which will result in less pollution and healthier communities August 8, 2017 – Brantford, Ontario – Innovation, Science and Economic Development Canada Ontarians will benefit from new jobs created by innovations that power electric vehicles and reduce plastics in the environment, thanks to a $15.5-million investment by the Government of Canada. This investment in six Toronto-area companies will create well-paying middle-class jobs as a result of the new business opportunities generated by the development of technologies that lead to less pollution and healthier communities. The announcement was made today by the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development. The investments include: $3.8 million for Electrovaya Inc. of Mississauga to develop safe and long-lasting electric batteries for commercial vehicles, contributing to the prevention of climate change; $3 million for BionX International Corporation of Aurora to develop a smaller, more powerful lightweight propulsion system to improve its award-winning e-bike systems; $2.7 million for 3E Nano Inc. of Kitchener to create a new window coating to make buildings and vehicles more energy efficient, reducing energy consumption; $2.2 million for GreenMantra Technologies of Brantford to develop new ways to convert recycled plastics into new products, resulting in less waste sent to landfills; $1.9 million for Peak Power Inc. of Toronto to improve the energy storage capacity of batteries, ultimately reducing costs for businesses and greenhouse gas emissions; and $1.8 million for Vive Crop Protection of Toronto to create environmentally friendly products and technologies that increase farm efficiency and productivity. These projects are being funded through Sustainable Development Technology Canada, which works with Canadian companies to bring early-stage clean technologies to market. Investments in clean technology are part of the Government’s Innovation and Skills Plan, a multi-year strategy to create well-paying jobs for the middle class and those working hard to join it. Quotes “Our government’s investments in clean technology reflect our commitment to protecting the planet. But they also point to a clear and strategic direction for economic development through innovation. That’s because innovations in clean tech will lead to products and services that have an impact on all sectors of the economy. And clean tech has the potential to create thousands of well-paying jobs for Canadians. That’s how innovation leads to a better Canada.” – The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development “From transportation to waste management, these companies demonstrate the strength and range of Ontario clean tech. Sustainable Development Technology Canada is proud to partner with these entrepreneurs to get their new technologies to the marketplace and deliver real environmental and economic benefits to all Canadians.” – Leah Lawrence, President and CEO, Sustainable Development Technology Canada “We are thrilled that SDTC will provide a portion of the capital necessary for this important project. This pilot plant will enable us to scale up our patent-pending process for sustainably reusing of one of the world’s least recycled plastics.” – Kousay Said, President and CEO, GreenMantra Technologies Quick Facts To help clean technology firms grow, the Innovation and Skills Plan includes investments of nearly $1.4 billion in new financing on a cash basis, starting in 2017–18. This new financing in the form of equity investments, working capital and project finance will be made available to clean tech innovators through the Business Development Bank of Canada and Export Development Canada. Budget 2017 also commits $400 million to recapitalize Sustainable Development Technology Canada’s SD Tech Fund, which supports the development and demonstration of early-stage clean technology projects. Canada is committed to growing the economy while meeting carbon-emissions targets. The Pan-Canadian Framework on Clean Growth and Climate Change, developed with provincial and territorial partners, outlines how Canada will drive innovation and growth while reducing carbon pollution. Associated Links