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.
This holiday season, let’s make sure everyone in our community gets to experience the sense of joy and optimism associated with this special time of year. When we think ‘support
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.