The first recipients of the federal government’s $700 million, five-year commitment to the cleantech industry have been announced.
Totaling $40 million, the first four companies receiving support from the the Business Development Bank of Canada (BDC) are located in in Ontario, Quebec and Alberta. Announced earlier this year, the BDC’s investments will help the Canadian cleantech companies overcome funding obstacles and compete globally, said Navdeep Bains, Minister of Innovation, Science and Economic Development, in a statement.
“Investing in the development of new clean technologies accelerates innovation, increases the competitiveness of Canadian firms, and creates new jobs in Canada. These investments exemplify our government’s commitment to demonstrating a clean environment and a strong economy go hand-in-hand,” he said.
The four companies receiving funding are:
- Ensyn Technologies – Ottawa, Ont.
Following several years of successful commercial operations converting forest residues to renewable heating fuels at its 13 million litre/year plant in Renfrew, Ontario, Ensyn is commissioning a larger-scale renewable fuels facility in Quebec. The Quebec plant will convert forest residues to 40 million litres of renewable heating fuels per year – this will remove up to 70,000 tonnes of CO2-equivalent emissions per annum. BDC’s financing is helping the company continue to expand its production and distribution capabilities.
- GreenMantra Technologies – Brantford, Ont.
GreenMantra utilizes a proprietary thermo-catalytic system and patented process to cost-effectively convert and “up-cycle” waste plastics into high-value specialty polymers and other specialty chemicals. GreenMantra is helping drive a more circular economy where plastics are beneficially reused rather than landfilled. With the help of funding from other financial partners, BDC’s support will help expand GreenMantra’s plant.
- GHGSat – Montreal, Que.
GHGSat launched the world’s first high-resolution satellite capable of measuring greenhouse gas (CO2 & CH4) emissions in June 2016. The company is using this unique satellite and its patented technology to provide greenhouse gas emissions monitoring data and services globally. GHGSat will use BDC and other funding to develop its plans and build out a satellite constellation.
- Enlighten Innovations (formerly Field Upgrading) – Calgary, Alta.
Enlighten Innovations has developed and is commercializing a patented technology to desulphurize heavy oils, including bitumen, in order to produce lower emission marine fuels for the global shipping industry. BDC’s financing, in conjunction with other funding and capital, will help the company build its first commercial plant, based on its successful pilot plant.