Government of Canada invests over $45 million in advanced clean technology projects
The announcement was made at DarkVision Technologies Inc., which will receive \\$3 million in SDTC funding for the development of oil and gas well imaging technology. Projects are funded through SDTC's SD Tech Fund. This investment is part of the Government of Canada's support of clean technology to diversify Canada's economy, open access to new international markets, reduce greenhouse gas emissions and create well-paying middle-class jobs for Canadians.The Government of Canada has allocated a total of \\$915 million for the fund to invest in pre-commercial Canadian clean technology projects that have the potential to meet market demand and to achieve Canada's environmental and economic goals in priority areas.
"Through today's investments, we hope to reinvigorate energy innovation in this country. We want to see all industries, all sectors, indeed all Canadians, including the middle class, benefit from this country's amazing potential for long-term growth and success. We imagine a Canada leading the world out of this period of slow growth."– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
"The investments announced today by Minister Bains demonstrate clean technology's ability to deliver tremendous economic and environmental opportunities to Canadians. SDTC works to bring economically viable innovations to market. The goal is to support globally competitive Canadian companies that produce tangible environmental benefits that also make Canada's economy more competitive."– Leah Lawrence, President and CEO, Sustainable Development Technology Canada
"DarkVision is pleased to receive this level of SDTC funding and support for the rollout of our downhole imaging technology. Our product helps oil and gas operators resolve critical problems in their wells that create inefficiencies. We are excited to work with both SDTC and our consortium partners in bringing this technology to market and helping the oil and gas industry in Canada lower its costs, become more competitive and reduce its environmental footprint."– Stephen Robinson, CEO, DarkVision Technologies Inc.
- Budget 2016 provides for an additional \\$50 million over four years, beginning in 2017–18, to Sustainable Development Technology Canada for the SD Tech Fund.
- SDTC is an arm's-length foundation created by the Government of Canada to promote sustainable development and support projects that develop and demonstrate new technologies to address issues related to climate change, air quality, and clean water and soil. SDTC invests in Canadian companies that, through their innovative technologies, contribute positively to Canada by creating quality jobs, driving economic growth and protecting the environment.
- As of December 2015, SDTC had approved investments of over \\$840 million in clean technology companies across the country.
- DarkVision has won numerous awards, including first prize in the 2014 BCIC-New Ventures Competition for the B.C. high-tech start-up with the most potential.