VANCOUVER, B.C., Dec. 04, 2023 (GLOBE NEWSWIRE) -- Innovate BC and the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) are 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.
“We are supporting innovative technology that has the capability to create a more sustainable and green economy,” said Brenda Bailey, Minister of Jobs, Economic Development and Innovation. “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.”
The program helps small and medium sized businesses design, build, and operate a pilot plant or small demonstration of their technology while helping to solve real world problems. Examples of these solutions include mitigating the impacts of climate change, improving operational efficiencies, and increasing health and safety. By providing up to $200,000 in funding for each project, the BC 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,” says The Honourable François-Philippe Champagne, Minister of Innovation, Science, and Industry. “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.”
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 isn't just about driving innovation; it's about shaping the future we want to leave for generations to come,” says Innovate BC Interim President + CEO, Tomica Divic. “By funding these projects, we're not just backing promising businesses; we're investing in a sustainable and inclusive world for future generations.”
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.
“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,” says Iain Stewart, President, National Research Council of Canada. “We are thrilled to support these innovative Canadian companies and help them bring their ideas to life.”
Become an Innovate BC Insider to be first to know when applications open for Innovate BC funding.
Learn More
About the BC Fast Pilot program
About Innovate BC
A Crown Agency of British Columbia, Innovate BC works to foster innovation across the province and bolster the growth of the local economy through delivering a wide range of programs that help companies start and scale, access talent and encourage technology development, commercialization, and adoption. Innovate BC also harnesses crucial data collection and research, and works to forge strategic industry and community partnerships that create more opportunities for B.C. innovators.
Attachment
