$48 Million in Clean Tech Funding Approved by Sustainable Development Technology Canada
Canada’s clean tech economy took another step forward today as the Board of Directors of Sustainable Development Technology Canada (SDTC) approved $48 million in new funding for the development and demonstration of 19 clean technologies that benefit both the environment and the economy.
“Canadian companies and researchers have continued to innovate to produce another strong round of technology solutions,” said SDTC Chairman James M. Stanford. “It has been an interesting and rewarding experience to see the entrepreneurial response to the opportunity that SDTC presents.”
The 19 newly approved projects target sectors core to Canada’s economy including energy exploration and production; power generation; energy utilization; transportation; agriculture; forestry, wood products and pulp & paper products; and waste management. Funding for each project is subject to final contract execution.
SDTC continues to see the alignment of new technologies with the priorities set out in its SD Business Cases™. Combining comprehensive stakeholder input with objective SDTC analysis, these reports present a vision of Canada’s future potential and investment opportunities in selected clean technology areas.
Some highlights of this round’s technologies include:
a project to develop advanced battery technology for hybrid vehicles. The development and demonstration of innovative technologies is essential in the automotive sector, as it is one of the largest and most economically important in the country.
an initiative to improve the efficiency and cost-effectiveness of mid- to large-scale wind turbines by developing a permanent magnet wheel motor. This technology looks to reduce mechanical gearbox failure in existing turbines while increasing the power-to-weight ratio.
Also, SDTC is encouraged to see an increasing focus on projects designed to address issues around clean water and clean land. One project being funded in this round is focusing on the development and demonstration of a microbial culture technology that may aid cleaning up chlorinated solvents (often used in the dry cleaning and printing industries) in an efficient and cost effective manner.
Another project being funded has the potential to reclaim lost value in polluted urban land by cleaning up PCBs. This novel technology could contribute to developing cities in a more sustainable fashion, freeing up unusable land for new development. This would increase the economic viability of the urban site and decrease urban sprawl.
“Clean and sustainable energy technology is a key part of creating a healthy environment for Canadians,” said the Honourable Gary Lunn, Minister of Natural Resources. “Partnerships through SDTC, along with our Government’s ecoENERGY initiatives, will help us meet the challenge of moving beyond our current position as an energy superpower to become a clean energy superpower.”
“Investments such as this complement our goal of reducing greenhouse gas emissions and improving air quality,” said the Honourable John Baird, Minister of the Environment. “In addition, some of the funding announced today is expected to be targeted at technologies that will support cleaner water and soil, which will also benefit all Canadians.”
The private and public sector consortia partners behind the projects are investing an additional $101 million, maintaining an overall portfolio leveraging ratio of more than 2:1 of industry/partner contribution to SDTC investment.
Since April 2002, SDTC has completed ten funding rounds, committed $285 million to 125 clean technology projects, and leveraged $690 million from project consortia members, for a total portfolio value of $975 million.
“Because SDTC has been instrumental in developing awareness of clean tech in Canada, these funding announcements are keenly watched by North American venture capitalists as a source of high-quality investment opportunities,” said Vicky J. Sharpe, President and CEO of SDTC. “Yet again, we have a range of technologies – some early stage, some nearer to market – that have great potential.”
SDTC will launch its next call for Statements of Interest (SOIs) on September 5, 2007. The upcoming call for SOIs will include a request for projects with technologies that address climate change, clean air, clean water and clean soil issues. Solutions that address more than one focus area are of greatest interest.
Sustainable Development Technology Canada is a foundation created by the Government of Canada that currently operates a $550 million fund to support the development and demonstration of clean technologies — solutions that address issues of climate change, clean air, clean water, and clean soil to deliver environmental, economic and health benefits to Canadians.
In addition to the current fund, the 2007 Federal Budget announced the creation of the new NextGen Biofuels Fund. With this new Fund, which SDTC is in the process of establishing, the Foundation will work to maximize the Canadian feedstock advantage by establishing large-scale facilities for the production of next generation renewable fuels.
An arm’s length, not-for-profit corporation, SDTC fills the void in the innovation chain between research and commercialization — helping clean technology developers move through the development and demonstration phases, in preparation for commercialization. SDTC applies a stringent due diligence process when selecting technologies and requires every applicant to involve a consortium of partners in their project.
SDTC encourages collaboration among private, financial, academic, and public sector partners, and with the Canadian government to build a sustainable development infrastructure in Canada.
A list of all 19 projects can be found here:
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