The Government of Canada through Sustainable Development Technology Canada (SDTC) has invested $26.3 million in four companies, three privately held and a large cap Toronto Stock Exchange (TSX) listed.
- 10 million to D-Wave Systems Inc. of Burnaby, BC, which is developing quantum computing systems that are more energy-efficient and help reduce emissions from high-performance computing.
- $10 million to MEG Energy Corp. (TSX: MEG) of Calgary, which is developing a way to improve bitumen recovery in oil sands development and production while reducing greenhouse gas emissions and water consumption.
- $4 million to MineSense Technologies Ltd. of Vancouver, which is making the mining process cleaner and more efficient using sensor technology and data analytics.
- $2.3 million to Ionomr Innovations Inc. of Vancouver, which has developed a more efficient, durable and cost-effective membrane system for water treatment and purification, grid-level energy storage, and clean-tech energy generation.
D-Wave Systems Inc. and MineSense Technologies are venture backed. Ionomr Innovations is a venture and spinout of Simon Fraser University Chemistry Department.
With a market cap of $2.52 billion, MEG Energy reported net earnings of $140.6 million for the three months ended March 31, 2018 compared to $1.6 million for the same period of 2017. Net earnings in 2018 were affected by a $318.4 million gain on disposition of its 50% interest in the Access Pipeline to CPPIB’s Wolf Midstream Inc. At end of March 31, 2018, MEG Energy had cash and cash equivalents of $675 million.
photo credit: pixabay
News Release
Minister Bains announces $26.3-million investment in clean technology with the potential to transform industries
May 30, 2018 – Ottawa, Ontario
To benefit Canadians, our economy and the environment, the Government of Canada is contributing to the development of technologies that lead to less pollution, healthier communities and the creation of well-paying middle-class jobs.
Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, announced a federal investment of $26.3 million in four companies. The Minister made the announcement at Sustainable Development Technology Canada’s (SDTC) Cleantech Leadership Summit. This third annual summit brought together 150 clean tech CEOs and thought-leaders from across Canada to discuss opportunities for Canadian clean technology producers to compete and win in the global economy.
The four companies receiving funding today join the more than 300 others that SDTC has invested in since 2001. The investment announced today by Minister Bains includes:
10 million to D-Wave Systems Inc. of Burnaby, British Columbia, which is developing quantum computing systems that are more energy-efficient and help reduce emissions from high-performance computing.
$2.3 million to Ionomr Innovations Inc. of Vancouver, British Columbia, which has developed a more efficient, durable and cost-effective membrane system for water treatment and purification, grid-level energy storage, and clean-tech energy generation.
$4 million to MineSense Technologies Ltd. of Vancouver, British Columbia, which is making the mining process cleaner and more efficient using sensor technology and data analytics.
$10 million to MEG Energy Corp. of Calgary, Alberta, which is developing a way to improve bitumen recovery in oil sands development and production while reducing greenhouse gas emissions and water consumption.
These investments demonstrate that the environment and the economy can go hand in hand.
Investments in clean tech 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.
Quotes
“Our government’s investments in clean tech reflect our commitment to protecting the planet and growing our economy. They also point to a clear direction for economic development through innovation. That’s because innovations in clean tech have the potential to create thousands of well-paying middle-class jobs for Canadians. That’s how innovation leads to a better Canada.”
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
“These companies are great examples of how Canadian innovations are poised to improve Canada’s economy while protecting the environment. SDTC’s investments in D-Wave, MEG Energy, MineSense and Ionomr will deliver environmental benefits to multiple industries and demonstrate our government’s commitment to helping businesses scale and compete on the global stage.”
– Leah Lawrence, President and CEO, Sustainable Development Technology Canada
Sustainable Development Technology Canada
For general inquiries: info@sdtc.ca or call 613.234.6313