Backgrounder
November 23, 2009
Support For Emerging Technology Companies
Ontario has made more than half a billion dollars available to support technology companies that require access to risk capital to grow. This includes the creation of the $205-million Ontario Venture Capital Fund, a limited partnership between the Ontario government and leading institutional investors, to provide investment funding for innovative, high-potential companies. As well, the 2009 provincial budget boosted Ontario’s commitment to support emerging green technology companies by creating the new $250-million Ontario Emerging Technologies Fund and by injecting another $50 million into the highly successful Innovation Demonstration Fund.
The Innovation Demonstration Fund helps innovative companies commercialize promising new clean technologies by supporting them at the pilot or demonstration project stage. These projects help the companies attract the customers and investors they need to move their technology to the global marketplace.
Through the Innovation Demonstration Fund, Ontario is investing almost $3.8 million in Toronto-based Vive Nano , an emerging nanotechnology company. In October, Vive Nano won a Deloitte Technology Green 15™ Award, an award that recognizes companies leading the way to major breakthroughs in green technology.
Vive Nano uses an eco-friendly process to create nanotechnology-based products and materials. The first of these targets crop protection. Nanotechnology makes it possible to reformulate pesticides so that the active ingredient is more effective, meaning farmers can use less.
The technology is also being applied to make more efficient catalysts, which decreases the energy required to perform chemical reactions. New products in this area are expected to have an impact on biofuel and fuel cell development, as well as water treatment and environmental remediation.
Ontario’s investment will help Vive Nano build a pilot plant, expand research and development, and demonstrate its process and products to industrial partners. With a successful demonstration of its unique, “green” chemical process to produce easily dispersible materials, Vive Nano can establish itself as the leader in a new category – nanomaterial application development.
Vive Nano expects to create 19 jobs over the next two years, including additional chemists and technicians, a second engineer, a project manager and controller.
Ontario, through the Innovation Demonstration Fund, has invested in 12 promising Ontario cleantech companies. Most recently, Ontario invested almost $1.2 million to help BIOREM Technologies Inc. bring its new biological air filtration and purification technology to the global market.
Other emerging Ontario technology companies that have received support through the fund include:
- 6N Silicon – Has a new, cost-effective process for purifying silicon to the degree needed for solar panels. Last October, 6N announced the opening of its new head office and production facilities in Vaughan.
- GreenCore Composites Inc. – Has developed natural-fibre composites that can be used to make environmentally-friendly parts for the automotive, furniture and toy industries.
- Menova Energy Inc. – Designs and manufactures high performance solar heating and electric systems. Menova partnered with a company called Woodbine Tool and Die on its demonstration project, which helped Woodbine diversify beyond the automotive sector.
- Verdant Power Canada – Verdant’s Free Flow™ Turbine technology, which looks like an underwater windmill, can generate power from river currents, yet rotates slowly allowing fish to pass through safely with minimal environmental impact.
- The Woodbridge Group – Woodbridge is researching and commercializing Biofoam, a renewable, soy-based product that can be used in automotive seating and interiors.
ONTARIO’S INNOVATION AGENDA
Supporting innovation is part of the McGuinty government’s five-point plan for growing Ontario’s economy. Ontario’s Innovation Agenda is the government’s plan to help turn great ideas into good jobs for the future and better lives for Ontario families.
Backed by $3.2 billion in spending over eight years, the agenda focuses on supporting innovation and growth in sectors where Ontario has the research and business strengths to dominate high-growth global markets. Tackling climate change through bio-based, environmental, alternative energy and clean technologies is one of Ontario’s priorities.
See also:
- News Release: Vive Nano Creating Jobs In Toronto
- Success Story
- For the Media
