More than $13.4 million will support British Columbian businesses to create quality jobs and support Canada's commitment to achieve net zero carbon emissions by 2050.
May 2, 2022 - Burnaby, British Columbia - Pacific Economic Development Canada
British Columbians have felt the impact of climate change and climate disasters first hand. Investing in clean technology reduces emissions, protects the environment and supports the economy. That is why the Government of Canada is committed to supporting British Columbia's growing clean technology industry.
Today, the Honourable Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), announced over $13.4 million in funding for local clean technology companies, including $9.75 million for Loop Energy Inc. (Loop), based in Burnaby.
Loop is a key supplier of hydrogen fuel cell systems, which support the transition to a green economy. With funding through PacifiCan's Jobs and Growth Fund, Loop will increase its manufacturing capacity, creating a more sustainable transportation sector in Canada by 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, which will eliminate its reliance on international suppliers. The project is expected to generate significant revenues and 119 new jobs in Burnaby, producing new opportunities for the local workforce and hydrogen-related companies.
Two other local clean technology companies are also receiving PacifiCan support
Acuva Technologies Inc. (Acuva)
Acuva is receiving $3 million through PacifiCan's Business Scale-Up and Productivity (BSP) program. The Burnaby-based clean technology company delivers water purification systems using proprietary Ultraviolet Light Emitting Diode (UV-LED) technology.
This funding will allow Acuva to improve existing products, commercialize new ones and bring them to market. The project is expected to increase revenues and create over 30 new jobs.
CORE Energy Recovery Solutions Inc. (CORE)
Vancouver-based innovator CORE is also receiving $673,050 in BSP funding to commercialize its fuel cell humidifier prototype, a critical part of hydrogen fuel cell systems. With this funding, CORE will increase production and quality control, so that the company can make products for heavy-duty zero-emission vehicles, such as buses and trucks. The project is expected to create nine new jobs and bolster revenue for the company.
The Government of Canada is taking action to grow the economy while reducing greenhouse gas emissions and fighting climate change. These investments will improve the competitiveness of the clean tech cluster in BC, generate millions in increased revenue for local companies and create 159 new jobs.
