WATERLOO, ONTARIO–(Marketwired – June 23, 2014) – Natural Resources Canada
The Honourable Greg Rickford, Canada’s Minister of Natural Resources and Minister for the Federal Development Initiative for Northern Ontario, and Jim Balsillie, Chair of Sustainable Development Technology Canada, today announced almost $10 million in new investments for five Ontario projects under Sustainable Development Technology Canada’s SD Tech Fund.
The SD Tech Fund supports projects that address climate change, air quality, clean water and clean soil, providing solutions to key Canadian industries that increase efficiency and enhance environmental responsibility.
These investments support jobs furthering the research, development and demonstration of innovative clean energy technologies across Ontario. With global clean technology demand estimated to grow from $1.1 trillion in 2012 to $2.5 trillion by 2022, international marketswill create enormous potential for Canada’s clean technology industry. Today’s investments will help advance four new clean energy technologies from concept to commercialization. Funding to SDTC for some of these projects is subject to Treasury Board approval.
- Ubiquity Solar Inc. in Waterloo will receive more than $3 million for its solar power technology;
- GreenMantra Technologies in Brantford will receive $2 million for plastics recycling;
- Electro Kinetic Solutions in Toronto will receive over $2 million for tailing ponds remediation;
- Morgan Solar in Toronto will receive in excess of $2 million for solar panel technology; and
- Cleeve Technology Inc. in Oshawa will receive $710,000 for de-coating technology for aircraft maintenance.
The announcement followed the conclusion of an energy innovation roundtable hosted by Natural Resources Canada. Today was the sixth in a series of discussions looking at energy innovation across our country. The roundtables engaged leading stakeholders from industry, academia, the financial community, and non-governmental organizations to share their perspectives on solutions for improving Canada’s competitiveness in energy innovation.
The Government of Canada will use the results of the roundtable discussions as a guide to inform means to collaborate and coordinate with private and public sector groups interested in advancing energy innovation in Canada.
Today’s announcement follows the one made by Prime Minister Stephen Harper on June 20th in Waterloo. The Prime Minister announced last week the organizations that have been chosen to advance in the selection process for the Canada Accelerator and Incubator Program (CAIP), which is designed to help outstanding small- and medium-sized Canadian enterprises to grow, prosper and create jobs. Business accelerators and incubators provide innovative, early-stage entrepreneurs with resources, facilities and expertise to help them develop their business plans and seek follow-on financing.
- Sustainable Development Technology Canada’s SD Tech Fund™ has supported 269 projects from $684 million allocated by the federal government.
- Fifty-seven of SDTC’s more mature companies have received $2.5 billion in follow-on financing as of December 2013, meaning that for every dollar invested by Canada in these companies the marketplace has responded with fourteen dollars of private capital.
- 63% of Canada’s electricity generation is from renewable sources – first in the G7.
- Canada was ranked second, along with the UK, in energy efficiency improvements between 1990 and 2010, and ranks fifth among International Energy Agency countries in public expenditures on energy research, development and demonstration as percentage of GDP.
- In 2012, greenhouse gas emissions were 5.1% lower than 2005 levels, while theeconomy grew by 10.6% in the same period. Per capita emissions have fallen to their lowest level since tracking began.
- The global demand for energy is expected to grow by about one third over the next 25 years.