Ottawa announces $55M in clean tech funding for 20 companies

Industry Minister Francois-Philippe Champagne said the spending will help keep Canada at the forefront of the large and growing clean tech market.

“It may help these companies raise additional funds. You would have a multiplier effect — they can go to the market and say, ‘See, we have the backing of (a government agency),'” Champagne said Thursday.

“It helps them with respect to their customers. Canada stands for quality, stability, predictability and traceability.”

Champagne said the agency will follow the recipient companies as they bring their products and services to market.

“We are in a position to support them in their various stages of growth. The initial due diligence has been done.”

Champagne said more announcements of clean tech support are coming, backstopped by funds budgeted for Sustainable Development Technology Canada.

“This gives us the means of our ambitions. We are serious when it comes to clean technologies.”

Federal figures suggest the clean technology market is set to exceed $2.5 trillion by next year. A government release said that as of last March, federally supported companies had generated $2.7 billion in annual revenues, created over 14,600 jobs and brought 126 new technologies to market.

This report by The Canadian Press was first published Feb. 11, 2021

The Canadian Press

by The Canadian Press

Ottawa announces $55M in clean tech funding for 20 companies

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