Today, the Honorable Harjit S. Sajjan, Minister for International Development and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), announced during $13.4 million in the financing of local clean technology companies, including $9.75 million for Loop Energy Inc. (Loop), headquartered in Burnaby.
Loop is a key supplier of hydrogen fuel cell systems, supporting the transition to a green economy. With funding through the PacifiCan Jobs and Growth Fund, Loop will increase its manufacturing capacity, creating a more sustainable transportation sector in Canada helping to commercialize zero emission vehicles.
The funding will allow Loop to purchase new equipment and bring a key part of its manufacturing process in-house, eliminating its reliance on international suppliers. The project is expected to generate significant revenue and 119 new jobs in Burnabygenerating new opportunities for the local workforce and companies related to hydrogen.
Two other local cleantech companies are also receiving support from PacifiCan
Acuva Technologies Inc. (Acuva)
acuva is receiving $3 million through PacifiCan’s Business Scale-Up and Productivity (BSP) program. The BurnabyThe company-based clean technology company offers water purification systems using patented ultraviolet light-emitting diode (UV-LED) technology.
This funding will allow Acuva to improve existing products, market new ones and bring them to market. The project is expected to increase revenue and create more than 30 new jobs.
Energy Recovery Solutions CORE Inc. (CORE)
VancouverThe innovative CORE is also receiving $673,050 in funding BSP to commercialize its prototype fuel cell humidifier, a critical part of hydrogen fuel cell systems. With this funding, CORE will increase production and quality control so that the company can manufacture zero-emission products for heavy-duty vehicles such as buses and trucks. The project is expected to create nine new jobs and increase the company’s revenue.
The government of Canada is taking steps to grow the economy while reducing greenhouse gas emissions and fighting climate change. These investments will improve the competitiveness of BC’s cleantech cluster, generate millions in increased revenue for local businesses, and create 159 new jobs.
Quotes)
“Companies of all Canada we are creating innovative solutions to the challenges we face. These investments in clean technology will help Canada transition to a green economy and create good paying jobs for British Columbians.
– The Honorable Harjit S. Sajjan, Minister for International Development and Minister responsible for the Pacific Economic Development Agency of Canada
“Unlocking the potential of hydrogen is an essential part of our government’s plan for a sustainable economic future. Hydrogen offers significant national opportunities for emission reductions. It also offers enormous potential as an export opportunity for Canada – provide clean energy to countries around the world.”
– The Honorable Jonathan Wilkinson, Minister of Natural Resources
“British Columbians’ leadership in clean tech is helping build a stronger, greener Canadian economy. These investments in British Columbia’s clean tech ecosystem will create new job opportunities here in our local community and the impact of these innovations will spread far beyond British Columbia.”
– Terry Beech, Parliamentary Secretary to the Deputy Prime Minister and Minister for Finance, and Member of Parliament for Burnaby North—Seymour
“Today’s announcement will allow Loop Energy to further accelerate its production capabilities to meet the growing demand for our hydrogen fuel cell solutions around the world. We would like to thank the Government of Canada for supporting Loop Energy through its Jobs and Growth Fund, and enabling Canadian clean technology to advance.”
– Ben Nyland, President and CEO, Loop Energy
Fast facts
- PacifiCan is the regional development agency dedicated to British Columbia. PacifiCan promotes growth and diversification in British Columbia economy by fostering innovation, improving business competitiveness and promoting inclusive growth.
- The Jobs and Growth Fund (JGF) provides financing to businesses and organizations to help create jobs and position local economies for long-term growth.
- The Business Scale-up and Productivity (BSP) program makes strategic investments in key economic sectors, helping innovative companies accelerate growth and compete globally.
- British Columbia is home to the largest group of hydrogen and fuel cell companies in Canada.
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SOURCE Pacific Economic Development Canada
For more information: Contacts: Haley Hodgson, Press Secretary, Office of the Minister for Economic Development, [email protected]; Ben Letts, Communications Manager, Pacific Economic Development Canada, [email protected]; Toll Free: 1-888-338-9378; TTY (Telecommunications Device for the Hearing Impaired): 1-877-303-3388
Reference-www.newswire.ca