Investment supports SmartCone Technologies, a growing Canadian cleantech company, and will help Canada meet its ambitious climate objectives
OTTAWA, ON, Nov. 29, 2021 /CNW/ - Canada's cleantech entrepreneurs are proving their power to take on today's environmental challenges. Working in partnership with innovative companies, the Government of Canada is supporting the growth of a greener economy.
Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, and the Honourable Mona Fortier, President of the Treasury Board, announced an investment of $3.4 million in Ottawa-based SmartCone Technologies through Sustainable Development Technology Canada (SDTC). This is the first SDTC investment in SmartCone Technologies and part of a partnership that will help the company develop its "smart corridor" smart transit technology for low-greenhouse gas travel.
SmartCone specializes in researching and developing Internet of Things (IoT) technologies to make traffic safety and site security more intelligent, cost-effective, adaptable, scalable and mobile. The company's technologies have been used in a wide range of applications aimed at saving lives, such as controlling bicycle lane traffic and monitoring high-traffic or high-risk areas such as school zones and non-signalled intersections.
SmartCone will use the SDTC investment to advance its IoT device to monitor and predict pedestrian, cyclist and vehicle pathways, in addition to vehicle speeds and potential collision vectors, while promoting active transit options such as biking and walking with higher safety to reduce greenhouse gas emissions from transportation.
The Government of Canada is committed to investing in clean technology that lays the foundation for a stronger, greener and more sustainable economy that creates opportunities for all Canadians. Today's investment will help grow our economy and support Canada's ability to meet its 2030 climate commitments and reach net-zero greenhouse gas emissions by 2050.
"Now is the time for ambitious climate action. Cleantech innovation, entrepreneurship and commercialization are key to the vital shift to a healthier environment and a net-zero carbon economy. Today's announcement will boost our leadership in climate and waste reduction technologies and help foster a truly Canadian success story."
– The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
"Canada is committed to taking bold and decisive action on climate change to ensure a cleaner and greener future for all Canadians, and today's announcement is a clear testament to that commitment. Industry leaders, such as SmartCone, are contributing to a healthier and more sustainable economy through innovation as well as creating opportunities for Canadian workers."
– The Honourable Mona Fortier, President of the Treasury Board, Member of Parliament for Ottawa—Vanier
"Canadian entrepreneurs are driving the innovation that is moving us towards a more sustainable and prosperous future. This investment will enable SmartCone Technologies to rapidly accelerate and commercialize its ideas and continues the momentum of public and private commitments to reducing global emissions."
– Leah Lawrence, President and CEO, Sustainable Development Technology Canada
"This SDTC investment will enable SmartCone to provide a world-class IoT ecosystem that will not only make our cities smarter but also reduce greenhouse gases and help in the fight against climate change."
– Jason Lee, CEO, SmartCone Technologies
Clean technology companies currently employ more than 211,000 Canadians in rewarding, well-paying jobs.
SDTC is an independent federal foundation that funds companies with the potential to become world leaders in environmental technologies and help solve some of the planet's most pressing environmental challenges, such as climate change and polluted air, water and soil.
SDTC is Canada's largest funder of clean technology entrepreneurs, and its support makes a significant difference in today's hyper-competitive global market.
Since 2001, SDTC has invested more than $1.38 billion in 460 companies that have generated $2.8 billion in annual revenues, created 16,930 jobs, brought 177 new technologies to market and reduced greenhouse gas emissions by 22.4 megatonnes of CO2 annually, which is equivalent to taking almost 7 million cars off the road every year.
The world is taking notice of Canada's leadership in clean technology: 11 Canadian companies, 9 of which have been funded by SDTC, placed on the 2021 Global Cleantech 100 list.
In December 2020, the Government of Canada announced A Healthy Environment and a Healthy Economy, Canada's strengthened climate plan, which has increased support for SDTC with an additional $750 million over five years, representing the single largest Government of Canada investment in SDTC since its inception in 2001.
Find more services and information at Canada.ca/ISED.
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SOURCE Innovation, Science and Economic Development Canada
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