Government invests $40 million in Canadian Bank Note’s nanotechnology company

The federal government is investing $40 million in CBN Nano Technologies, which is conducting research on atomically precise manufacturing.

The funding came from the government’s $1.26 billion Strategic Innovation Fund, investing in research, development, and commercialization of high-growth sectors like life sciences.

“CBN is making the largest R&D investment in its more than 120-year history in this nano project.”
-Ron Arends, president & CEO of CBN

CBN Nano Technologies is a two-year-old sister company of the Ottawa-based Canadian Bank Note Company (CBN), which develops polymer bills, motor vehicle information systems, and passports. CBN is conducting a $220 million nanotechnology project, which will leverage $180 million of Canadian Bank Note’s own money, according to the Ottawa Citizen. The government said the company will be the first in the world to undertake atomically precise manufacturing on a commercial scale.

CBN Nano Technologies is using the research to ensure that every atom is in the right place in its materials, leading to more fraud-proof security features.

“CBN is making the largest R&D investment in its more than 120-year history in this nano project,” said Ron Arends, president and CEO of CBN. “We are grateful that the Government of Canada has recognized the value of our innovative research to Canada and the global community. This project has the potential to put Canada in a pre-eminent position leading the next-generation manufacturing economy.”

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The government noted that the research will have potential applications in advanced health care treatments, reducing pollution, building high-performance computing capabilities, and producing super-efficient solar energy.

“Nanotechnology and nanomanufacturing represent the next frontier for advanced manufacturing, and they are being developed by Canadian innovators today, right here in Ottawa,” said Navdeep Bains, minister of innovation, science and sconomic development. “This investment will create hundreds of highly skilled jobs and make a difference in Canadians’ lives by improving health care treatments, protecting Canadians against fraud, and helping produce super-efficient solar energy.”

The investment is expected to create 469 new jobs between CBN Nano Technologies and CBN, 364 of which will be highly-skilled. Canadian students and researchers will also receive co-op positions through the work, while the project will include collaboration with post-secondary institutions, investment in research and development, and intellectual property developed in Canada.

Image courtesy Minister Navdeep Bains via Twitter

Jessica Galang

Jessica Galang

Freelance tech writer. Former BetaKit News Editor.