VANCOUVER, BC, March 13, 2017 (CNW) -Investments support Canadian-based technologies and create opportunities for businesses to grow and contribute to clean economic growth.
Technology and the innovation it helps promote are key to the future of Canada's economy. This is why the Government of Canada is committed to supporting technologies that will advance our environmental objectives, create jobs and stimulate growth in the clean tech sector.
The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, today announced an investment of up to $20 million to support clean energy projects at the pre-commercialization stage. This investment, part of a $40-million joint initiative that includes matching funds from the province of British Columbia, will help companies with innovative projects at the prototype, field testing and demonstration stages. Interested parties will be able to submit their applications in early April 2017 to Sustainable Development Technology Canada (SDTC).
The Minister also announced funding for two companies based in British Columbia that are developing innovations that will lower carbon emissions, build healthier communities and contribute to a cleaner environment for all Canadians, thereby supporting Canada's goal of becoming a centre for global innovation and clean growth. The funding is being provided through SDTC, which works with Canadian companies to bring groundbreaking clean technologies to market.
The investments include a $10-million non-repayable contribution to the Automotive Fuel Cell Cooperation (AFCC), a Burnaby-based joint venture with Germany's Daimler AG and Ford Motor Company. Through this joint venture, AFCC is developing new fuel cell modules to be used in automotive applications. This exciting new technology has the potential to reduce the difference in cost between fuel cell and combustion engine vehicles. As well, the project has drawn over $70 million in global investment into Canada, for a total project value of $88 million.
The second project is led by Canfor Pulp Products Inc., a leading global producer of premium pulp and paper products that is also one of North America's largest green energy producers. The $13-million non-repayable contribution through SDTC will enable Canfor to further develop and demonstrate a technology that will take what is a currently a waste product from its production processes and develop it into a low-cost biofuels product. Canfor's new biocrude could be refined by existing refineries into next-generation biofuels and biochemicals that can be easily integrated into conventional fuels markets.
A focus on clean technology, innovation and growth is a core element of the Pan-Canadian Framework on Clean Growth and Climate Change. Through the Framework, Canada will focus on having globally competitive Canadian businesses as we transition to a low-carbon economy.
Canada's Innovation Agenda promotes clean growth, good jobs and higher living standards for the middle class.
The investments announced today are an example of this vision in action.