Support for local clean technology business accelerates product development and commercialization

December 17, 2018 – Mount Pearl (NL) – Atlantic Canada Opportunities Agency

Clean technology promotes sustainable economic growth, helps diversify the economy and opens up opportunities in new markets. To that end, the Government of Canada is helping Solace Power Inc. to increase its capacity to provide wireless power solutions to benefit sectors such as aerospace and defence, automotive and medical technology.

Over the next two years, Solace Power will acquire specialized equipment to reduce the timeframe for developing customized prototypes based on its Equus^TM platform, a recharging solution that removes the need for cables, wiring and batteries. The company will increase commercialization activities through business and product development, as well as marketing activities, to access opportunities in international markets.

The Honourable Seamus O'Regan, Minister of Veterans Affairs, Associate Minister of National Defence and Member of Parliament for St. John's South-—Mount Pearl, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA), today announced a conditionally repayable investment of $1 million from ACOA's Business Development Programfor Solace Power. The funding will enable the company to accelerate its commercialization efforts and growth plans.

Established in 2007, Solace Power Inc. provides clean technology solutions to customers using wireless power transfer. The company currently employs 30 people, most of whom are located at its Mount Pearl office.

This investment supports the Atlantic Growth Strategy, one way the Government of Canada is working to achieve its Innovation and Skills Planoutcomes in this region by supporting innovative, clean technology businesses that are creating well-paying jobs for the middle class and those working hard to join it.