SD Tech Fund, a venture capital fund sponsored by Sustainable Development Technology Canada, recently invested almost $10 million to commercialize the clean technologies of five Ontario companies. They are: Waterloo’s Ubiquity Solar, which will receive more than $3 million for its solar power technology; GreenMantra Technologies of Brantford, which will receive $2 million for plastics recycling; Toronto-based EKS, which will receive more than $2 million for tailing ponds remediation; Toronto’s Morgan Solar, which will receive more than $2 million for solar panel technology; and Oshawa-based Cleeve Technology, which will receive $710,000 for de-coating technology for aircraft maintenance. SD Tech Fund has backed 269 companies and projects using $684 million allocated by the federal government.
Harper Government Announces New Investments in Clean Energy Technology, Jobs and Innovation in Ontario
WATERLOO, ONTARIO–(Marketwired – Jun 23, 2014) – Natural Resources Canada
The Honourable Greg Rickford, Canada’s Minister of Natural Resources and Minister for the Federal Development Initiative for Northern Ontario, and Jim Balsillie, Chair of Sustainable Development Technology Canada, today announced almost $10 million in new investments for five Ontario projects under Sustainable Development Technology Canada’s SD Tech Fund.
The SD Tech Fund supports projects that address climate change, air quality, clean water and clean soil, providing solutions to key Canadian industries that increase efficiency and enhance environmental responsibility.
These investments support jobs furthering the research, development and demonstration of innovative clean energy technologies across Ontario. With global clean technology demand estimated to grow from $1.1 trillion in 2012 to $2.5 trillion by 2022, international markets will create enormous potential for Canada’s clean technology industry. Today’s investments will help advance four new clean energy technologies from concept to commercialization. Funding to SDTC for some of these projects is subject to Treasury Board approval.
Ubiquity Solar Inc. in Waterloo will receive more than $3 million for its solar power technology;
GreenMantra Technologies in Brantford will receive $2 million for plastics recycling;
Electro Kinetic Solutions in Toronto will receive over $2 million for tailing ponds remediation;
Morgan Solar in Toronto will receive in excess of $2 million for solar panel technology; and
Cleeve Technology Inc. in Oshawa will receive $710,000 for de-coating technology for aircraft maintenance.
The announcement followed the conclusion of an energy innovation roundtable hosted by Natural Resources Canada. Today was the sixth in a series of discussions looking at energy innovation across our country. The roundtables engaged leading stakeholders from industry, academia, the financial community, and non-governmental organizations to share their perspectives on solutions for improving Canada’s competitiveness in energy innovation.
The Government of Canada will use the results of the roundtable discussions as a guide to inform means to collaborate and coordinate with private and public sector groups interested in advancing energy innovation in Canada.
Today’s announcement follows the one made by Prime Minister Stephen Harper on June 20th in Waterloo. The Prime Minister announced last week the organizations that have been chosen to advance in the selection process for the Canada Accelerator and Incubator Program (CAIP), which is designed to help outstanding small- and medium-sized Canadian enterprises to grow, prosper and create jobs. Business accelerators and incubators provide innovative, early-stage entrepreneurs with resources, facilities and expertise to help them develop their business plans and seek follow-on financing.
Sustainable Development Technology Canada’s SD Tech Fund™ has supported 269 projects from $684 million allocated by the federal government.
Fifty-seven of SDTC’s more mature companies have received $2.5 billion in follow-on financing as of December 2013, meaning that for every dollar invested by Canada in these companies the marketplace has responded with fourteen dollars of private capital.
63% of Canada’s electricity generation is from renewable sources – first in the G7.
Canada was ranked second, along with the UK, in energy efficiency improvements between 1990 and 2010, and ranks fifth among International Energy Agency countries in public expenditures on energy research, development and demonstration as percentage of GDP.
In 2012, greenhouse gas emissions were 5.1% lower than 2005 levels, while the economy grew by 10.6% in the same period. Per capita emissions have fallen to their lowest level since tracking began.
The global demand for energy is expected to grow by about one third over the next 25 years.
“The investments announced today demonstrate our government’s commitment to environmental stewardship and creating high quality jobs in Ontario. By supporting advanced research and technology, our government is investing in Canadian prosperity and a cleaner environment.”
Greg Rickford,Canada’s Minister of Natural Resources and Minister for the Federal Development Initiative for Northern Ontario
“Clean technologies are helping us make the most efficient use of our resources, bringing down operating costs, creating value-added jobs and minimizing environmental impacts in the Canadian economy. The projects announced today are prime examples of how SDTC’s investments are assisting small and medium-sized Canadian companies gain the traction they need to move toward the forefront of the global cleantech sector. ”
Jim Balsillie, Chair of Sustainable Development Technology Canada (SDTC)
QUOTES FOR ORGANIZATIONS RECEIVING FUNDING
“We are very pleased with the $3.1M of support from SDTC to help fund our $10.9 million demonstration pilot plant project. This project leverages Canada’s strengths in natural resources, advanced materials processing and automation, and is expected to create over 500 export-focused jobs over the next five years in Canada. We expect that as the shift to clean distributed solar energy accelerates, PV cells using our technology will become ubiquitous.”
Ian MacLellan, President and CEO, Ubiquity Solar Inc
“GreenMantra is very thankful for the support from SDTC. With funding ready to go, we’re eager to showcase the capabilities of GreenMantra’s technology and become the industry’s leading supplier of environmentally friendly waxes.”
Tim Haig, President and CEO, GreenMantra Technologies
“Aircraft paint can be an extreme environmental hazard when removed by chemical or abrasive means. The funding announced today will allow Cleeve Technologies, through their BRIC division, to bring to market the Robotic Laser Decoating System (RLDS), which removes airplane coatings, as required by periodic maintenance inspection and repair, safely, speedily and without damage to the aircraft. It’s a move that opens up significant new markets for Cleeve Technologies, and we are grateful for the support of SDTC.”
Paul Church, Owner and President, Cleeve Technology Inc
“The SDTC is recognized the world over as one of the most successful cleantech funding programs in the world, and Morgan Solar is proud to be a recipient of SDTC funding for the second time. By focusing on projects with concrete metrics, the SDTC balances funding innovation with delivering results, and we look forward to developing our demonstration project with their support.”
Nicolas Morgan, VP, Business Development, Morgan Solar
“This funding will be used to continue our research into a new approach to treating tailings from the Alberta oil sands. The technology has the potential to allow oil sands tailings to be treated more quickly and cost-effectively. It also offers a more sustainable approach to tailings management, serving as an enabling technology for reclaiming lands affected by oil sands development and reducing the need for long-term tailings storage. We are proud to have been selected to receive SDTC support.”
Jim Micak, CEO, Electro Kinetic Solutions
Energy Innovation Roundtables
SDTC – Ontario Projects
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