Government of Canada invests $4.8 million in Stromcore Energy Inc.

The Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario announced a $4.8-million investment in Stromcore Energy Inc.

Stromcore, who manufactures intelligent lithium-ion batteries for forklifts, will adopt advanced manufacturing equipment and technology and launch two new energy-efficient products; Turbo Bank, an advanced AI-powered charger with improved efficiency; and Electric Cart, a zero-emission e-forklift developed in collaboration with Amazon to lift goods.

“The FedDev Ontario support will accelerate the commercialization of our new product innovations and allow significant efficiency gains in the process,” said Maxime Vidricaire, Chief Business Officer, Stromcore Energy Inc. “The rapidly growing Stromcore team welcomes this project with excitement and anticipation.”

Stromcore will scale its operations to meet the growing market demand for these innovations, create 18 new jobs and enhance its global competitiveness. This investment also supports the sustainable recycling of electric batteries as part of a circular economy. At the end of the life of a battery, Stromcore disassembles and salvages up to 99 per cent of the battery components to minimize their potential negative environmental impact.

“Businesses in Ontario are leading the way in modernizing and developing new processes, technologies and products that will build a strong green economy,” said Tassi. “Our Government’s $4.8-million investment in Stromcore Energy Inc. underscores our commitment to helping businesses reach their potential as they move toward innovative green solutions and create good jobs across our province.”