The BC cleantech companies are meant to create 169 jobs backed by this investment.
The Government of Canada is investing $13.4 million in three clean technology companies based in British Columbia (BC).
The funding will be distributed among Loop Energy, Acuva Technologies, and CORE Energy Recovery Solutions Inc. through PacifiCan’s Jobs and Growth Fund (JGF), as well as its Business Scale-Up and Productivity (BSP) program.
Loop Energy is the recipient to get the largest portion of the PacifiCan pot, securing $9.75 million. Burnaby-based Loop provides hydrogen fuel cell systems for vehicle original equipment manufacturers and power generation system manufacturers. Backed by JGF financing, Loop intends to increase its manufacturing capacity to help commercialize zero-emission vehicles.
The government financing will specifically allow Loop to purchase new equipment and bring a key part of its manufacturing process in house. This would eliminate the company’s reliance on international suppliers. This initiative is expected to generate “significant revenues” and 110 new jobs in Burnaby, providing work opportunities for the local workforce and hydrogen-related companies.
Also from Burnaby, Acuva is receiving $3 million through the BSP program. Acuva provides water purification systems using ultraviolet light emitting diode (UV-LED) technology. The $3 million will help Acuva in improving its existing products, commercializing new offerings, and bringing them to market. Acuva is meant to create over 30 new jobs with this project.
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Vancouver-based CORE Energy Recovery Solutions is getting $673,050 also through the BSP program to commercialize its fuel cell humidifier prototype, a critical part of hydrogen fuel cell systems. Backed by government funds, CORE aims to increase production and quality control to allow the company to make products for heavy-duty zero-emission vehicles, such as buses and trucks. This project is expected to create nine new jobs.
Across the three companies that received funding, the federal government claims that there will be 169 jobs created, and millions in increased revenue generated.
Featured image from Loop Energy’s website