Strategic Innovation Fund: $20M for Ranovus’ New Advanced Technology Facility
Ranovus, headquarted in Ottawa with operations in the United States and Germany, develops and manufactures advanced connectivity solutions for the telecommunications and information technology industries. The company has recently received Canadian government funding to support the construction of a new advanced manufacturing facility in Ottawa.
Ranovus has received $20,000,000 in funding for energy-saving technology through the Strategic Innovation Fund (SIF).
The Strategic Innovation Fund (SIF) is a program uniquely targeted at Canada’s industrial and technology sectors. SIF focuses on accelerating innovative business expansion projects which generate benefits for the company and help secure competitiveness in both regional and national economies. This investment for Ranovus will allow the company to create over 500 jobs and produce energy-saving technologies.
Strategic Innovation Fund Awards $20M in Funding for Energy-Saving Technologies
Ranovus is a leader in the development of cost-efficient energy connectivity solutions for data centres and communications networks. The company is setting industry benchmarks with their disruptive technology, innovative solutions, and next-generation cloud applications.
The Strategic Innovation Fund has provided Ranovus $20M in research and development funding.
With the funding, Ranovus will establish a new advanced manufacturing facility in Ottawa. Canadian government funding will also support the company’s development of a data centre infrastructure that will feature twice the data processing capacity while significantly reducing its cost and environmental impact. The solution’s energy savings could reduce greenhouse gas emissions by 1.4 kilotonnes per year by 2024. Ranovus will also implement inclusive hiring practices and develop and retain intellectual property in Canada as part of this funded project.
Once the Ottawa facility is built, the company will also increase its collaborations with post-secondary research institutions, private companies, and not-for-profits to advance innovation and advance an ecosystem for data centre connectivity solutions.
Strategic Innovation Fund: Funding for Innovation
The Strategic Innovation Fund (SIF) is a Canadian government funding program that offers industrial and technology-based businesses financial support to fuel company expansion and R&D of processes, products, and services, and facilitates the growth of innovative firms. Eligible businesses may offset a portion of costs related to strategic investments which lead to long-term competitive advantages within the organization.
The Strategic Innovation Fund provides up to 50% of eligible project costs with a minimum funding request of $10 million in support.
There are four streams of SIF funding. These include:
- Stream 1: Research, development, and commercialization;
- Stream 2: Business growth and expansion;
- Stream 3: Investment attraction and retention; and
- Stream 4: Collaborative technology development and demonstration.
Streams 1-3 accept applications on continuous intake, while Stream 4 specifies annual intake dates. The next deadline for Stream 4 applications is March 1, 2019.
Canadian businesses interested in learning about additional funding programs that support technology-based manufacturing projects, please download Mentor Works’ Canadian Business Funding Guide.
