Two Ottawa firms will reap the rewards of a bilateral R&D fund between Canada and Israel.
Satellite technology firm Telesat and water treatment and remediation company BluMetric will bring new tech to market alongside two Israeli counterparts through the Canada-Israel Industrial Research and Development Foundation.
Telesat will develop new broadband communications technologies for low-orbit satellites with Israel’s Gilat Satellite Networks. Valued at roughly $1.6 million, the project will aim to reduce data travel time from one point of the earth to another. The two companies expect to see $200 million in revenue within five years of bringing the tech to market.
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Meanwhile, BluMetric will be working with Israel’s Atlantium on a $770,000 project to recapture energy released during goat’s cheese production. The clean-tech tandem expects to see revenues of $10 million in the project’s first few years.
In total, eight projects valued at $12 million will receive a total $4.7 million in funding and support from the bilateral foundation. The maximum CIIRDF funding allocated is $800,000 and up to 50 per cent of the project cost.
CIIRDF has allocated funding to more than 125 R&D projects to date, with Canada’s portion of the funds coming through the Canadian International Innovation Program.
“Innovation ties between Israel and Canada have existed for more than 40 years. These projects are an extremely important bilateral economic lever that connect companies, researchers and entrepreneurs on both the Canadian and Israeli sides,” said Eli Cohen, Israel’s minister of economy and industry, in a statement.