FedDev Ontario Invests $12M towards Ontario’s Electric Vehicle Sustainability
The Canadian government has announced a strategic investment of over $12 million in combined funding to six Ontario companies from the electric vehicle (EV) sector via the FedDev Ontario funding program. Canada’s commitment to reducing greenhouse gas emissions and fostering innovation in clean energy technology is driving support for projects that will work to meet net-zero emissions by 2050.
Canada’s Progress Towards Zero-Emissions by 2050 is most visible in its efforts to support business projects increasing sustainability to lower emissions across all various sectors in the country.
The six selected companies located in Ontario are expected to use the allocated FedDev Ontario funding to scale up production, develop new technologies, and contribute to the expansion of the EV market in Canada.
Six Companies to Receive FedDev Ontario Funding
The six companies will use the funding to scale up their electric vehicle production capabilities. B.S.B. Manufacturing Ltd. will invest its $1.2 million in new automated production equipment and facility upgrades to increase its capacity to produce EV and hybrid vehicle components.
Overall, the funding will help all six companies, including Can Art Aluminum Extrusion Canada Inc., Clover Tool Manufacturing Ltd., CMP Automation Inc., Electrovaya Inc., and Marwood International Inc., to expand their production capabilities and adopt new technologies, supporting the growing demand in the EV supply chain.
Southern Ontario businesses and organizations are eligible to apply for funding between $125,000 up to $10 million for support of up to 50% of eligible project costs.
Government Funding for Sustainability and Innovation
By stacking funding types, a business can utilize grants, loans, and/or tax credit programs to maximize financial support on the four funding buckets: hiring and training, research and development, capital investment, and/or business expansion.
Any of the four funding buckets can assist businesses looking to improve their processes, products, and/or systems for the purpose of sustainability.
“Canada understands that if you don’t have a plan to tackle climate change, then you don’t have a plan to create jobs and economic growth. Canada is a committed partner in the global fight against climate change, and together we will build a cleaner and more prosperous future for all.”
– Justin Trudeau, Prime Minister of Canada
Examples of projects include green infrastructure to improve air quality, renewable energy to reduce fossil fuels, waste reduction, sustainable agriculture, carbon storage, recycling programs, water and biodiversity conservation, and so much more.
Browse our Cleantech Funding Programs directory to learn about the type of funding programs currently available that can help your business support sustainability improvement projects.
