Global demand for clean technology is projected to triple by 2020, and it looks like the Sustainable Development Technology Canada’s (SDTC) SD Tech Fund is well aware of that.
Yesterday it was reported that four clean energy projects in Ontario will receive funding of $14.7 million through the arm’s length foundation to support the commercialization of new technologies.
“Canada must nurture highly skilled individuals and new ideas that will help our businesses innovate, secure new markets and create well-paying jobs,” said Natural Resources Minister Joe Oliver. “By supporting advanced research and technology, our government is investing in Canadian prosperity and a cleaner environment.”
The projects that will receive funding to transition from the conceptual stage to commercialization are:
- Macroteck Inc. in Markham receives $2 million to develop factory exhaust scrubbing technology;
- Vive Crop Protection Inc. in Toronto receives $3.7 million for targeted agricultural crop protection technology;
- Switchable Solutions in Kingston receives $5.2 million for technology to mine different grades of bitumen; and
- Solantro Semiconductor Inc. in Ottawa receives $3.8 million to develop microchip technology for improving solar power generation to the grid.
The not-for-profit SDTC was created by the Government of Canada. It finances and supports development and demonstration of clean technologies that provide solutions to issues related to climate change, clean air, water and soil quality, delivering economic, environmental and health benefits to Canadians.
Cleantech- while highly expensive and usually out of the interest realm of most seed-stage venture capitalists- is a high growth sector in Canada. The aforementioned figures, expected to be hit by 2020, will likely hit $3 trillion. Meanwhile global demand for electricity is expected to grow by over 70 percent by 2035.
According to The Funding Portal’s Data & Analytics, the cleantech and energy sector was the second top government funding recipient in 2012, immediately ranking behind the broader manufacturing sector. The cleantech sector was also the fourth top ranked sector to receive venture capital funding in 2012.
“The projects announced today are great examples of the Canadian innovation and entrepreneurship that characterize SDTC’s portfolio, valued at more than $2 billion and brimming with innovative technological solutions,” said Vicky Sharpe, SDTC’s president and CEO. “Canadian clean tech leaders are continuing to create economic opportunities and open up avenues to new export markets.”
Budget 2013 announced $325 million over eight years to support SDTC’s activities. Since 2012, the foundation has allocated $598 million to 246 clean technology projects.