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NRC IRAP and Innovate BC Investing $2.0 Million R&D Funding in 13 BC Cleantech Companies (Through the BC Fast Pilot Program)
Tuesday, December 5, 2023Company Profile | Follow Company
Funding will help 13 B.C. companies pilot technology that will support the development of a more sustainable, inclusive and innovative B.C. economy
Vancouver, BC and Ottawa, ON, December 5, 2023--(T-Net)--The Government of BC and the Canadian Government have announced that the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) and Innovate BC will be providing a combined total of $2,014,425 in research and development funding to 13 companies in British Columbia piloting cleantech projects as part of efforts to support the development of a greener B.C. and bolster the province's cleantech sector.
This funding is supported through the BC Fast Pilot program, a joint initiative between NRC IRAP and Innovate BC.
This is the fifth round of funding through the BC Fast Pilot program, which was launched in 2019.
Since the program started in 2019, 75 pilot demonstrations have been funded a combined total of $9.9M. Notable outcomes include the creation of 117 jobs, the acquisition of 138 new customers, and an increase of $13.3M in new revenue for participating projects.
The BC Fast Pilot program helps small and medium-sized businesses design, build and operate a pilot plant or small demonstration of their technology in real-world conditions.
By providing up to $200,000 in funding for each project, the B.C. Fast Pilot Program enables B.C. technology companies to demonstrate the impact of their product, measure the value of their solution, and encourage customer adoption. For customers, the program offers a way to minimize some of the risk that traditional industries encounter when adopting new technologies.
"Our government understands that to grow a sustainable and competitive economy we need innovation and investments in clean technology. To build a greener Canada, NRC IRAP is helping small and medium-sized businesses fully leverage the technologies they are developing and take their ideas to market. By investing in British Columbia innovators, we are investing in a thriving, sustainable, and inclusive economy for all Canadians." said François-Philippe Champagne, Minister of Innovation, Science and Industry.
"We are supporting innovative technology that has the capability to create a more sustainable and green economy. BC Fast Pilot allows small businesses the ability to accelerate their development process, resulting in a rapid growth in our clean tech sector that benefits both our economy and our environment." stated Brenda Bailey, Minister of Jobs, Economic Development and Innovation.
Iain Stewart, President, National Research Council of Canada
"Our partnership with Innovate BC is enabling companies to demonstrate the value and reliability of their technology in real world applications, helping minimize risks and ultimately encourage customer adoption. We are thrilled to support these innovative Canadian companies and help them bring their ideas to life." indicated Iain Stewart, President, National Research Council of Canada
"The BC Fast Pilot program isn't just about driving innovation; it's about shaping the future we want to leave for generations to come. By funding these projects, we're not just backing promising businesses; we're investing in a sustainable and inclusive world for future generations." stated Tomica Divic, Interim President and CEO, Innovate BC.
This funding prioritizes regional projects, with a focus on cleantech and projects that involve physical installations and are capital intensive in nature, and those that involve Indigenous communities or organizations.
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About Innovate BC
Innovate BC helps foster innovation in B.C. so that British Columbians in all regions of the province can benefit from a thriving, sustainable, and inclusive innovation economy. A Crown Agency of British Columbia, Innovate BC funds and delivers programs that support the growth of the B.C. economy by helping companies start and scale, train talent that meets labour market needs, and encourage technology development, commercialization, and adoption.
About National Research Council of Canada Industrial Research Assistance Program (NRC IRAP)
The National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) is Canada's leading innovation assistance program for small and medium-sized businesses.
If you operate an innovative small or medium-sized business in Canada, we can help you build your innovation capacity and take your ideas to market. We do this through financial assistance, advisory services and connections to the best business and R&D expertise in Canada. It's a winning model we've been using to drive business growth—and Canada's innovation system—for over 70 years.
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