Two Ottawa firms will reap the rewards of the federal government’s latest round of spending aimed at promoting clean tech.
Ranovus will receive $8 million from Sustainable Development Technology Canada to fund R&D on a power-efficiency solution for cloud-based infrastructure. The tech aims to reduce the costs and environmental impacts associated with the large amount of energy consumed by data centres.
Ranovus received $5.5 million from the same fund last year.
Giatec Scientific, which develops embedded sensors for the concrete industry, will get $2.4 million from the feds to reduce pollution and C02 emissions associated with making and pouring cement.
The two Ottawa firms are among 14 Canadian companies splitting a total $58.6 million in clean-tech funding announced by the federal government on Wednesday. A release states that the spending aligns with suggestions from the government’s Clean Technology Economic Strategies Table, which recommended funding Canadian clean-tech firms as they attempt to scale up.
A report released earlier this year from the Ottawa-based Smart Prosperity Institute pegged the global value of the clean-tech industry at $2.2 trillion by 2022, but noted that Canada has to “raise (its) game” if it wants its firms to compete.
The federal government allocated $2.3 billion for cleantech spending in its 2017 budget, including $400 million for the Sustainable Development Tech Fund and $700 million for the Business Development Bank of Canada over a five-year period.