Innovative Richmond Hill companies benefits from increased funding for larger innovation projects
April 15, 2019 - Richmond Hill, Ontario - National Research Council of Canada
The success of Canada's economy and our ability to create good, middle-class jobs depends on the capacity of Canadian businesses to innovate and take those innovations to market. The Government of Canada, through the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP), is delivering on its commitment to support the growth of Canadian businesses and create jobs by making significant investments in innovation.
Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, joined by Majid Jowhari, Member of Parliament for Richmond Hill, announced some of the first projects to benefit from the government's Budget 2018 investment of $700 million over five years to NRC IRAP and a new and larger funding threshold of $10 million.
The following companies were highlighted:
- Applanix Corporation
$2 million supporting the design, development and global commercialization of next generation navigation solutions for autonomous vehicles for land air and sea.
- Opus One Solutions
$1.6 million to develop software to lower electricity costs through the smart integration of distributed energy resources, such as solar and storage, helping to transform today's centralized electricity grid.
- Hibar Systems Limited
$2 million to support the development of a high-speed lithium-ion battery manufacturing system to meet growing market demand for mass electric energy storage solutions.
This support will help create 36 new jobs in the Greater Toronto Area.
Funding to NRC IRAP is a key component of the Innovation and Skills Plan and of Budget 2018's commitment to business innovation.
"The success of our innovators is at the core of our Innovation and Skills Plan because it's the first step to securing Canada's economic future. By providing access to funding, valuable business advice, and talented graduates, NRC IRAP helps Canadian SMEs successfully commercialize their innovations, grow their businesses, and create the good, middle-class jobs of today and tomorrow."
The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
"Small and medium-sized businesses are the backbone of Richmond Hill's economy. Today's investment will help these companies grow their research and development, and get their products into new markets, helping to drive both the Canadian and local economy."
Majid Jowhari, Member of Parliament for Richmond Hill
"NRC IRAP helps innovative Canadian small and medium-sized businesses succeed by offering customized investment and local support and advice. Our advisors understand technology and innovation and offer a unique blend of expertize, information, and resources to help businesses further their innovation capabilities and grow the economy. NRC IRAP succeeds when our clients succeed."
Iain Stewart, President, National Research Council of Canada
"This innovation support from the Government of Canada , through NRC IRAP will assist our company in expanding its industry leading technology base, further increase export sales and generate the high paying STEM jobs that will not only allow Hibar, but also Canada, to differentiate itself on the global technology stage"
Iain McColl, President and Chief Executive Officer, Hibar Systems Ltd.
Quick facts
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Support for these companies is part of the Government of Canada's investment of $56.6 million through the National Research Council of Canada Industrial Research Assistance Program in support of Canadian small and medium-sized businesses with large research and development projects up to a new funding threshold of $10 million.
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In 2018-19 the National Research Council of Canada Industrial Research Assistance Program funded over 3,500 projects, 31 of which received funding of over $1 million as part of NRC IRAP's funding threshold increase.
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Since 2015, the National Research Council of Canada Industrial Research Assistance Program has invested in more than 12,000 small and medium-sized businesses and supported more than 49,000 jobs.
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For over 70 years, the National Research Council of Canada Industrial Research Assistance Program has been stimulating economic growth in Canada by proving funding and advisory services to small and medium-sized businesses so they can grow, build their innovation capacity, and successfully take their ideas to market.
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The National Research Council of Canada Industrial Research Assistance Program supports all industry sectors across Canada.
