pcJ News Briefs – Metamaterial Technologies Inc., a smart materials and photonics company based Dartmouth, Nova Scotia, has received $5,395,000 investment from the Government of Canada.
The investment, funded through Sustainable Development Technology Canada (SDTC), will support technology development that has the potential to lead to greener vehicle alternatives for Canadians, which will mean cleaner communities and a healthier environment.
Metamaterial Technologies is backed by Innovacorp, Radar Capital, and angel investors.
Metamaterial Technologies is the third company in Nova Scotia received federal investments in clean technology this year:
- $510,000 in funding to CarbonCure Technologies Inc., a Dartmouth based clean technology company that retrofits concrete plants with a technology that recycles waste carbon dioxide to make affordable, greener concrete products. CarbonCure is backed by BDC Capital, Eagle Cliff Partners, Innovacorp, and 350 Capital.
- $2.6 million for Chester based Sustane Technologies that turns landfill waste into clean-burning fuel
photo credit: Metamaterial Technologies Inc.
Investments made in Nova Scotia will support environmentally friendly technologies and healthier communities
October 12, 2017 – Dartmouth, Nova Scotia
Canadian families will benefit from solar-powered vehicle technology that reduces carbon dioxide emissions and improves energy efficiency, thanks to a $5,395,000 investment by the Government of Canada.
This investment in Metamaterial Technologies Inc. will support technology development that has the potential to lead to greener vehicle alternatives for Canadians, which will mean cleaner communities and a healthier environment.
The announcement was made today by Darren Fisher, Member of Parliament for Dartmouth–Cole Harbour, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development.
This project is being funded through Sustainable Development Technology Canada, which works with Canadian companies to bring early-stage clean technologies to market.
Two other companies in Nova Scotia received federal investments in clean technology this year: CarbonCure, based in Dartmouth, to support technology that helps reduce greenhouse gas emissions during the production of concrete; and Sustane Technologies, based in Chester, to support the construction of a new waste transformation facility.
Investments in clean technology are part of the Government’s Innovation and Skills Plan, a multi-year strategy to create well-paying jobs for the middle class and those working hard to join it.
“Solar energy is a green alternative to reduce carbon dioxide emissions from vehicles. Metamaterial’s technology captures more of the sun’s energy than other technologies currently on the market. I am thrilled this is being developed in our own backyard and will be used in hybrid solar-powered vehicles. It has the potential to create well-paying middle-class jobs in Dartmouth and equip Nova Scotians with the skills they need for a fast-growing, globally competitive economy based on clean technology.”
– Darren Fisher, Member of Parliament for Dartmouth–Cole Harbour
“Our government’s investments in clean technology reflect our commitment to protecting the planet. But they also point to a clear and strategic direction for economic development through innovation. That’s because innovations in clean tech will lead to products and services that have an impact on all sectors of the economy. And clean tech has the potential to create thousands of well-paying jobs for Canadians. That’s how innovation leads to a better Canada.”
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
“Metamaterial Technologies is capturing sunlight in new ways for our—and the Earth’s—benefit. This Halifax-based clean tech company is doing extraordinary things to increase the efficiency of solar cells, and SDTC is proud to be a supporter.”
– Leah Lawrence, President and CEO, Sustainable Development Technology Canada
“Today marks another milestone in the advancement of our solar technology, and this investment allows us to accelerate and expand our research and development for the transportation industry. Transport accounts for about 19 percent of global energy use and 23 percent of energy-related carbon dioxide emissions. Transport energy use and CO2 emissions are projected to increase by nearly 50% by 2030 and by more than 80% by 2050. At MTI, our team is working to develop and commercialize a new product called metaSOLAR, which will be the first light-weight and high-efficiency silicon-based solar cell technology suitable for the transport industry here in Canada and globally.
– Dr. George Palikaras, Founder and CEO, Metamaterial Technologies Inc.
To help clean technology firms grow, the Innovation and Skills Plan includes investments of nearly $1.4 billion in new financing on a cash basis, starting in 2017–18. That funding will be allocated through the Business Development Bank of Canada and Export Development Canada as follows:
$950 million in growth capital to support clean technology producers
approximately $450 million in additional project finance for clean technology producers
Budget 2017 also made available $400 million to recapitalize Sustainable Development Technology Canada’s SD Tech Fund, which supports the development and demonstration of early-stage clean technology projects.
Follow Minister Bains on Twitter: @MinisterISED
Karl W. Sasseville
Office of the Minister of Innovation, Science and Economic Development
Innovation, Science and Economic Development Canada