Federal gov’t giving BDC $700 million to invest in cleantech companies

Minister Navdeep Bains

The federal government will give $700 million over the next five years to BDC for cleantech investments, according to a report from the Canadian Press.

The investment will be announced this afternoon in Montreal by Minister of Innovation, Science and Economic Developmnt Navdeep Bains and Environment Minister Catherine McKenna.

The funding is part of the government’s promise to invest $2.3 billion in cleantech technologies as part of last year’s budget. The government has had a keen focus on cleantech since its announcement; this vertical is currently one of the shortlisted superclusters that have a chance to receive a piece of $950 million in funding.

The government also announced last year that it would $14.5 million over four years to develop Clean Technology Data Strategy, and $400 million over five years towards the Sustainable Development Tech Fund focusing on cleantech projects. The government is expected to announce the creation of a cleantech growth hub supporting cleantech companies and projects, co-ordinating existing programs, and tracking results.

“Clean technology crosses all sectors of the economy, creating jobs while reducing our impact on the environment,” said Jim Carr, Minister of Natural Resources. “Through the Clean Growth Hub, the federal government is helping companies and researchers that are pursuing clean tech projects to identify the right support for their business. We’re putting Canada on the map as a global source of clean growth solutions.”

Jessica Galang

Jessica Galang

Freelance tech writer. Former BetaKit News Editor.

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