MARKHAM, ONTARIO--(Marketwired - Sep 12, 2013) - The Honourable Joe Oliver, Canada's Minister of Natural Resources, today announced four new investments supporting the development of innovative clean technologies in Ontario. Today's announcement of $14.7 million through Sustainable Development Technology Canada's (SDTC) SD Tech Fund™ supports projects in Kingston, Markham, Ottawa and Toronto that will help reduce greenhouse gas emissions, protect the environment and generate high-quality jobs.
"Canada must nurture highly skilled individuals and new ideas that will help our businesses innovate, secure new markets and create well-paying jobs," said Minister Oliver. "By supporting advanced research and technology, our government is investing in Canadian prosperity and a cleaner environment."
With global clean technology demand estimated to grow from $1 trillion in 2010 to $3 trillion by 2020, international markets will create enormous potential for Canada's clean technology industry. Today's announced investments will help advance four new clean energy technologies from concept to commercialization. The funding will provide:
- $2 million to Macroteck Inc. in Markham to develop factory exhaust scrubbing technology;
- $3.7 million to Vive Crop Protection Inc. in Toronto for targeted agricultural crop protection technology;
- $5.2 million to Switchable Solutions in Kingston for technology to mine different grades of bitumen; and
- $3.8 million to Solantro Semiconductor Inc. in Ottawa to develop microchip technology for improving solar power generation to the grid.
"Our Government is pleased to encourage clean technology development and commercialization in Canada," said the Honourable Leona Aglukkaq, Minister of the Environment, Minister of the Canadian Northern Economic Development Agency and Minister for the Arctic Council. "We support Canadian companies that are researching and developing workable solutions to sustain our environment for future generations while balancing our need for responsible resource development."
"The projects announced today are great examples of the Canadian innovation and entrepreneurship that characterize SDTC's portfolio, valued at more than $2 billion and brimming with innovative technological solutions," said Vicky Sharpe, President and CEO of SDTC. "Canadian clean tech leaders are continuing to create economic opportunities and open up avenues to new export markets."
Economic Action Plan 2013 will provide $325 million over eight years to Sustainable Development Technology Canada to support the development and demonstration of new clean technologies, which can save businesses money, create high-paying jobs and drive innovation.
Since 2002, SDTC has allocated a total of $598 million to 246 clean technology projects. Fifty-six of SDTC's more mature companies have received $2.5 billion in follow-on financing as of June, 2013, meaning that for every dollar invested by Canada in these companies the marketplace has responded with fourteen dollars of private capital. As a result, many leading-edge technologies supported by SDTC are ready for commercial opportunities in global markets.
These innovations carry a made-in-Canada label - something that all Canadians can be proud of.
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- Singapore International News
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