Government of Canada investing $7.85 million into three cleantech companies

cleantech

The Government of Canada has announced an investment of $7.85 million into three Canadian companies focused on developing clean technologies.

The companies receiving funding include Ottawa-based Ranovus Corp., which will get $5.5 million for its tech that explores ways to reduce the amount of electricity required for companies to store information in the cloud; Sault St. Marie-based Heliene, which is receiving $1.45 million to develop technology that makes solar power reliable and more affordable; and London-based BioLINE, which is receiving $903,000 to develop tech that turns biowaste from mushroom farms into valuable fertilizer.

“Innovations in clean tech will lead to products and services that have an impact on all sectors of the economy.”
– David Lametti

“Our government’s investments in clean technology reflect our commitment to protecting the planet,” said David Lametti, parliamentary secretary to the minister of innovation, science, and economic development Navdeep Bains. “But they also point to a clear and strategic direction for economic development through innovation. That’s because innovations in clean tech will lead to products and services that have an impact on all sectors of the economy.”

The Canadian government said the projects are being funded through Sustainable Development Technology Canada, which works with Canadian companies to help bring early-stage clean technologies to market.

This investment reflects the Government of Canada’s broader commitment to investing in cleantech companies. In February, the federal government’s Budget 2017 highlighted that it will dedicate $130 million over five years for cleantech research and development.

In April, the Canadian government also announced that it is contributing up to $45 million in BC-based clean energy projects.

Amira Zubairi

Amira Zubairi

Amira Zubairi is a staff writer and content creator at BetaKit with a strong interest in Canadian startup, business, and legal tech news. In her free time, Amira indulges in baking desserts, working out, and watching legal shows.