Across British Columbia, ambitious entrepreneurs and small businesses are tackling today's challenges with new ideas and seizing opportunities that will grow our economy.
Today, the Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada (PacifiCan), announced an investment of over $6.8 million for two Coquitlam-based businesses that are developing technologies to reduce waste and advance sustainability in the energy and textile sectors.
Moment Energy is receiving an investment of $4.9 million to expand production of modular battery energy storage systems made from repurposed electric vehicle (EV) batteries. These systems improve power reliability, lower energy costs for businesses, and can be set up quickly to support data centres, EV charging, and other high-demand energy needs.
Moment Energy is the first company in North America certified for safely repurposing EV batteries. By extending the life of EV batteries for an additional 10-15 years and putting them to use in new applications, the company reduces the need to produce new batteries, keeps valuable minerals in Canada, and showcases Canadian leadership in clean energy.
Novo Textile Company is receiving an investment of over $1.8 million to expand its textile recycling capacity. Novo plans to bind recycled fibres with B.C. wood pulp fibres to produce Canadian-made textiles at a competitive price. This will strengthen Canadian supply chains and divert 15 million pounds of garment waste from landfills annually.
This repayable funding is provided through PacifiCan's Business Scale-up and Productivity program, which helps high-growth B.C. businesses expand and deliver innovative products and services. Through investments like these, British Columbians are growing their businesses, and with them, a strong, resilient Canadian economy.
