MISSISSAUGA –Sustainable Development Technology Canada (SDTC) announced $56 million in funding for 18 cleantech companies across the country.
Two of the recipients are involved in circular economy businesses.
Pyrovac Inc., based in Quebec City is receiving $3 million. Pyrovac is developing, designing and constructing industrial pyrolysis plants for various applications including forestry and agricultural biomass, waste plastics, used tires and bituminous waste materials. Process engineers and scientists at Pyrovac focus on the conversion of various wastes into valuable products such as wood vinegar, bio-oils, biochar, pyrolytic carbon black and different kinds of valuable chemicals.
Toronto-based Genecis, which is developing a synthetic biology platform to convert organic waste into premium chemicals and materials, will receive $2.3 million.
Genecis is also one of six finalists selected to receive support to develop their clean technologies into marketable, world-class clean technology solutions through the Women in Cleantech Challenge, which is the first of six clean technology challenges that are part of the Impact Canada Initiative. These Challenges were designed to attract a diverse range of problem solvers to generate breakthrough clean technology outcomes.
SDTC is a foundation created by the Government of Canada to support Canadian companies with the potential to become world leaders as they develop and demonstrate new technologies to address pressing environmental challenges.
SDTC has invested over $1.15 billion in almost 400 companies. These companies are creating more than 13,000 jobs, and reducing greenhouse gas emissions by 18.1 megatonnes of carbon dioxide equivalent annually.
“Canada’s cleantech entrepreneurs are on the verge of breaking through,” said Leah Lawrence, SDTC’s president and CEO.
“SDTC is proud to play a central role in supporting our Team Canada Cleantech leaders to Own the Podium.”
Canada is number one in the G20 for cleantech innovation. In January 2019, 12 Canadian companies were recognized on the 2019 Global Cleantech 100 List. One in ten companies named to the annual Global Cleantech 100 List in the past two years have been SDTC partners.
The cleantech sector is expected to reach a value of 2.5 trillion-dollars by 2022.