The Canadian government is investing up to $800,000 in Waterloo-based Accelerated Systems, which manufactures motors, controllers, and drivetrain products for e-bikes, electric equipment, and electric vehicles.
FedDev Ontario’s investment will leverage up to $1.6 million in private investments.
The repayable contribution is being provided through FedDev Ontario’s Investing in Business Innovation initiative, which launched in Budget 2013 and provides financing to early-stage businesses with less than 50 employees. The goal is to help businesses commercialize and invest in business development.
“Accelerated Systems is a local Waterloo success story. Over the years, I have watched the company grow into the leader it has become today,” said Bardish Chagger, Minister of Small Business and Tourism. “I am proud of the fact that the government of Canada is working with ASI to expand their ability to create energy-efficient products that promote responsible, sustainable transportation. Today’s announcement is great news for our community. It will help create jobs and boost innovation in our local manufacturing and clean technology sectors – a big win for the Waterloo region.”
FedDev Ontario’s investment will leverage up to $1.6 million in private investments. The investment is expected to help ASI expand operations and commercialize its specialized parts and custom software for electric vehicles.
“The support of the federal government is enabling Accelerated Systems to become a world leader in the development of AC Drive Systems for electric bikes, battery-powered lawnmowers and off-road utility vehicles,” said Bill Jager, CEO of Accelerated Systems Inc.
FedDev Ontario previously provided ASI with a repayable contribution of $128,138 to support the construction of a vehicle test lab.