Innovate BC awards $2.3 million to eight R&D projects

Terramera receives funding from Innovate BC
Terramera, HTEC among recipients of this year’s funding.

Crown corporation Innovate BC has awarded a cumulative $2.3 million to eight research and development projects based in British Columbia.

Made through Innovate BC’s Ignite program, the funding was given to projects managed by Daanaa Resolution, Hydrogen Technology and Energy Corporation (HTEC), Minpraxis Solutions, Nanovation Therapeutics, Terramera Softree Technical Systems, Flash Forest, and Browns Bay Packing Company.

Terramera is a repeat recipient of the Ignite funding program, previously receiving $241,500 in 2018 for its project with Simon Fraser University (SFU) for the development of a new generation of natural pest management products.

With $300,000 in new funding from the Ignite program this year, Terramera is now working with associate professor Sean Smukler of University of British Columbia to develop new approaches in measuring soil carbon across agricultural landscapes.

Earlier this year, Terramera also received $1 million CAD from British Columbia’s Innovative Clean Energy Fund. Last May, Terramera received $7.9 million in funding from Sustainable Development Technology Canada to help further develop its technology.

Per Crunchbase data, Terramera has raised around $97.7 million in total funding to date. This includes a total $64.1 million CAD in Series B financing that was raised between 2019 and 2020

RELATED: Terramera receives $1 million from BC to measure carbon levels in soil

In collaboration with SFU associate professor Gordon McTaggart-Cowan, HTEC intends to use the $300,000 from Innovate BC to increase the storage pressure of hydrogen and provide cost savings. According to HTEC, this project is expected to support hydrogen in becoming a core element of the transportation industry.

HTEC was among the eight British Columbia-based companies that received funding from the British Columbia Centre for Innovation and Clean Energy in June. HTEC also previously received $875,000 in 2019 through the federal government’s Western Economic Diversification Canada’s BSP initiative.

Each year, Innovate BC’s Ignite program selects six to eight research projects in the natural resources and applied sciences spaces, awarding up to $300,000 per project. Applicants for the Ignite program are required to secure $2 of external matching dollars for every $1 requested from Innovate BC. External matching dollars can come from industry or government funding, or a combination of both.

Innovate BC opened applications for the 2022 Ignite program in May. Established in 2004, Innovate BC is a provincial agency that was created to deliver funds and programs that support the growth of the BC economy. To date, Innovate BC claims that the program has funded 41 projects for a total value of $10.7 million.

Image courtesy of Innovate BC.

Charlize Alcaraz

Charlize Alcaraz

Charlize Alcaraz is a journalism student at Toronto Metropolitan University and a staff writer for BetaKit. Follow her on Twitter @charlizealcaraz

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