$24M capital fund for NS clean tech firms
Nova Scotia is investing in the development of clean technology with a $24-million provincial fund that will provide capital to companies entering the sector.
HALIFAX: Nova Scotia is investing in the development of clean technology with a $24-million provincial fund that will provide capital to companies in the sector.
The fund will be launched through Innovacorp, the province’s technology commercialization agency, as part of the jobsHere economic plan.
“Knowledge-based companies like those in the clean technology sectors create good jobs, help grow the economy, and are vital to Nova Scotia’s future prosperity,” said Premier Darrell Dexter in a statement. “This fund will support the growth of emerging clean technology companies and move the province in a new direction forward.”
The government defines clean technology as renewable energy, energy efficiency, air and water quality solutions, and recycling, which represent a range of products and services that provide “superior” performance at lower costs while minimizing negative ecological impacts.
Innovacorp will manage the fund through its “High Performance Incubation” business model that drives a company’s performance by distributing the cash as it meets operational milestones.
Clean technology is one of Innovacorp’s target industries.