Federal government invests $43M in clean technology innovation
Includes $23 million for two BC-based clean energy projects.
Oil & Gas
VANCOUVER — The federal government is investing $43 million to support clean energy and help companies with innovative projects at the prototype, field-testing and demonstration stages.
The investment is part of a $40 million joint initiative that includes matching funds from BC.
Minister of Innovation, Science and Economic Development, Nadveep Bains, has also announced funding for two BC-based companies developing low carbon emissions technologies.
Automotive Fuel Cell Cooperation, a Burbany-based joint venture with Germany’s Daimler AG and Ford Motor Co., is receiving a $10 million contribution, while Canfor Pulp Products is getting $13 million.
Canfor will use the money to further develop and demonstrate a technology that will take what is a currently a waste product from its production processes and develop it into a low-cost biofuels product. The new biocrude could be refined by existing refineries into next-generation biofuels and biochemicals that can be easily integrated into conventional fuels markets.
The project has drawn over $70 million in global investment into Canada, for a total project value of $88 million.