May 22, 2019 - Grande-Digue, NB - Atlantic Canada Opportunities Agency
Canadian manufacturers must continue to innovate, automate and invest in new technologies to remain competitive, which results in good jobs and economic growth.
Start-up company Calorek Technologies is launching its innovative heat pump systems and automating its manufacturing processes for greater efficiency. These projects will create two new jobs and position the company for stronger growth while it pursues product commercialization and industry standardization. The Government of Canada is providing total repayable contributions of $408,850 for these projects through the Atlantic Canada Opportunities Agency (ACOA).
The Honourable Dominic LeBlanc, Member of Parliament for Beauséjour, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for ACOA, made the announcement today.
Economic growth and the creation of good jobs for Atlantic Canadians require innovation and diversification. Support for this project is one way the Government of Canada is working to help businesses scale-up, increase productivity and participate in the innovation economy. Projects like this also contribute to the Atlantic Growth Strategy outcome of long-term economic prosperity in the region.
"Our government is laying the foundation for Canadians to become more competitive and succeed in the global economy by helping companies such as Carolek Technologies to increase production and export capacity, boost economic growth and create good, middle class jobs for Canadians."
- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for ACOA
"This investment will enable Calorek Technologies to focus on commercializing its products, adopt new equipment to increase production, and position it for growth in new markets while contributing to the region's economic vitality."
- The Honourable Dominic LeBlanc, Minister of Intergovernmental and Northern Affairs and Internal Trade and Member of Parliament for Beauséjour
"Calorek Technologies is thrilled to be the recipient of ACOA funding, which will help us to commercialize and launch our innovative heat pump, automate our manufacturing processes for greater efficiency and hire additional, skilled talent. The support from the federal government has been instrumental in allowing us to concentrate on marketing a product for niche markets, obtain a patent and position the company for stronger growth."
- Christian Vezina, Vice-President, Research and Development, Calorek Technologies
Quick facts
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The Government of Canada is contributing $368,850 through the Regional Economic Growth through Innovation program (REGI) to help the company commercialize its products, including patent development, marketing activities and training sessions.
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ACOA is also investing $40,000 through its Business Development Program (BDP), which will enable Carolek to purchase equipment to automate its manufacturing product line and increase efficiencies.
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REGI's Business Scale-up and Productivity stream supports businesses at various stages of development, including high-growth firms, to accelerate their growth, help them scale-up and enhance their productivity and competitiveness in both domestic and global markets.
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REGI continues to build on the objectives of the Government of Canada's Innovation and Skills Plan.
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Calorek Technologies specializes in the manufacturing of High-End Heating, Ventilation and Air Conditioning products (HVAC).
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Calorek Technologies will develop a niche market for its simultaneous central heating and cooling systems, which have unique features currently not available on any commercial units in the market. This specialized technology delivers air to several zones by controlling both ventilation and heating and/or air conditioning capacity without the need for a bypass.
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Calorek Technologies' SimVac product line is a first for the industry and the company will work to standardize requirements as well as patent its intellectual property.
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The company will also develop a series of custom designed systems for flight simulation manufacturing companies.
