Investing in Quebec’s clean tech industry to help Canadian farmers grow more crops
November 15th, 2017
Offered by Markets Insider (Business Insider)
MP Lambropoulos announces $2.5 million for Montreal company to develop natural fertilizer
MONTREAL, Nov. 15, 2017 /CNW/ – Canadian families could have access to healthier crops thanks to a Government of Canada investment in the development of a new clean technology aimed at decreasing the need for man-made fertilizers.
The $2.5 million investment was announced today by Emmanuella Lambropoulos, Member of Parliament for Saint-Laurent, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development.
This investment in Inocucor Technologies supports the development of Synergro Free, a natural biological fertilizer that improves plant and soil health. The technology is working to enhance the natural growth process for plants and crops. It could increase yields in row crops, such as corn, wheat and soybean, while decreasing the need for pesticides and other synthetic fertilizers.
This project is being funded through Sustainable Development Technology Canada, which works with Canadian companies to bring early-stage clean technologies to market.
Investments in clean technology are part of the Government’s Innovation and Skills Plan, a multi-year strategy to create well-paying jobs for the middle class and those working hard to join it.
“Investments like the one we celebrate today are key to Canada’stransition to a low-carbon economy. Clean tech technologies in agriculture are especially important as they help us plan for our growing population while protecting our environment.”
– Emmanuella Lambropoulos, Member of Parliament for Saint-Laurent
“Our government’s investments in clean technology reflect our commitment to protecting the planet. But they also point to a clear and strategic direction for economic development through innovation. That’s because innovations in clean tech will lead to products and services that have an impact on all sectors of the economy. And clean tech has the potential to create thousands of well-paying jobs for Canadians. That’s how innovation leads to a better Canada.”
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
“Pesticide overuse is a growing problem for farmers and consumers. Inocucor’s natural, non-synthetic alternative improves plant and soil health, increases crop yields and reduces the need for pesticides. SDTC is proud to invest in this ground breaking technology that will deliver economic and environmental benefits to Canadians and around the world.”
– Leah Lawrence, President and CEO, Sustainable Development Technology Canada
“The Government of Canada and the Province of Quebec have been strong supporters of Inocucor with research grants and non-dilutive capital programs since our early days. Our proprietary microbial consortia technology is well-aligned with SDTC’s mission to bring cleaner technologies to Canadian agriculture.”
– Donald R. Marvin, President and CEO of Inocucor
- To help clean technology firms grow, the Innovation and Skills Plan includes investments of nearly $1.4 billion in new financing on a cash basis, starting in 2017–18. This new financing, through the Business Development Bank of Canada and Export Development Canada, is being allocated as follows: $950 million in growth capital to support clean technology producers and approximately $450 million in additional project finance for clean technology producers.
- Budget 2017 also made available $400 million to recapitalize Sustainable Development Technology Canada’s SD Tech Fund, which supports the development and demonstration of early-stage clean technology projects.