Backgrounder: Seven companies modernize and expand to drive growth
OTTAWA, Ontario, Dec. 5, 2022 /CNW/ – The Government of Canada announced investments totaling $18.4 million to help seven businesses in Quebec and Ontario modernize and expand their operations, creating good-quality jobs and supporting Canada’s economic growth.
Today’s announcement was made by the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, the Honourable Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), the Honourable Pascale St-Onge, Minister of Sport and Minister responsible for the Economic Development Agency of Canada for the Regions of Quebec (CED), and the Honourable Marci Ien, Minister for Women and Gender Equality and Youth.
- Laval, Quebec: The government is investing $1.8 million to help D-BOX Technologies Inc. develop and market its mobile haptic platform, which will support its development and expansion.
- Laval, Quebec: Loop Industries Inc. is receiving $3.3 million to optimize and commercialize its sustainable plastic recycling process.
- Montreal, Quebec: The government is providing $3.6 million to help Advanced Micro Devices Inc. expand its chip fabrication and testing equipment.
- Saint-Hyacinthe, Quebec: Cascades Inc. is receiving $3 million to support the development of a fully sustainable, bio-based additive to be used in the production of paper products.
- Ajax, Ontario: The government is providing $2 million to help Printpack Canada Ltd. expand its production and packaging capabilities.
- Barrie, Ontario: A $3.1 million investment will help Steelcraft Openings Ltd. purchase new equipment to increase the manufacturing of doors and frames.
- Hamilton, Ontario: Xplornet Communications Inc. is receiving $1.6 million to support the deployment of its hybrid satellite and broadband network in underserved rural, remote and Indigenous communities in Canada.
These investments are being made through the Strategic Innovation Fund, which helps businesses scale up and accelerate the development and commercialization of innovative new products, processes and services.
Quotes
“Our government is investing in Canadian businesses to help them grow and create good-quality jobs. Today’s investments will help these companies scale up and expand their operations, while supporting innovation and economic growth across Canada.” – The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
“The strategic investments we are making today will help these seven companies grow and innovate, creating jobs and boosting the economy. Our government is committed to supporting businesses as they scale up and commercialize their innovative technologies and products.” – The Honourable Helena Jaczek, Minister responsible for FedDev Ontario
“Our government understands that investing in Canadian businesses is key to creating jobs and fostering economic growth. These investments will help these companies scale up, innovate and compete globally.” – The Honourable Pascale St-Onge, Minister of Sport and Minister responsible for CED
“By investing in Canadian businesses, we are investing in our future. These investments will help these companies grow, innovate and create jobs, while contributing to our economic recovery.” – The Honourable Marci Ien, Minister for Women and Gender Equality and Youth
Quick facts
- The Strategic Innovation Fund is a $15-billion program that supports businesses in all sectors of the economy to accelerate the development and commercialization of innovative new products, processes and services.
- The program has four key themes: transformative technologies, platform technologies, scale-up and global value chains, as well as sustainable growth.
- Since its launch in 2017, the Strategic Innovation Fund has provided more than $5.2 billion in repayable and non-repayable funding to 603 projects, helping to create over 17,000 jobs and generate over $35 billion in new investment.
Associated links
- Strategic Innovation Fund
- D-BOX Technologies Inc.
- Loop Industries Inc.
- Advanced Micro Devices Inc.
- Cascades Inc.
- Printpack Canada Ltd.
- Steelcraft Openings Ltd.
- Xplornet Communications Inc.
Backgrounder: Seven companies modernize and expand to drive growth
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