OTTAWA, June 30, 2017 /CNW/ – Canadians will benefit from a new innovation that reduces carbon dioxide emissions, conserves fresh water and leads to greener buildings as a result of a $510,000 investment by the Government of Canada. This investment will foster innovation in carbon sequestering technology that captures carbon dioxide and encases this harmful greenhouse gas permanently in concrete.
This investment in CarbonCure, a clean technology company based in Dartmouth, Nova Scotia, will lead to well-paying middle-class jobs and new business opportunities for Canadians. It will also lead to cleaner technologies that result in less air pollution and healthier communities.
The announcement was made by Darren Fisher, Member of Parliament for Dartmouth-Cole Harbour, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development.
The funding will support CarbonCure’s efforts to reduce the amount of carbon dioxide that is released into the environment during the process of producing concrete used to construct buildings. The company has developed a technology that traps and stores carbon dioxide emissions inside concrete. The concrete is then used to retrofit buildings. CarbonCure’s technology results in stronger concrete that turns a harmful greenhouse gas into an ingredient for a value-added commodity.
This project is being funded through Sustainable Development Technology Canada, which works with Canadian companies to bring early-stage clean technologies to market.
“Canada has a disproportionately strong position in the global race to develop CO2-utilization solutions. These are technologies that actually use CO2 emissions as ingredients to make better products. That could be plastic, chemicals or concrete.We are grateful to receive this support from SDTC. This funding will be invaluable for creating the next generation of CO2-utilization technologies that enable win-win scenarios for both industry and the planet.”
– Robert Niven, CEO and Founder, CarbonCure
To help clean technology firms grow and expand, the Innovation and Skills Plan includes investments of nearly $1.4 billion in new financing on a cash basis, starting in 2017–18. That funding will be allocated through the Business Development Bank of Canada and Export Development Canada as follows:
- $380 million in equity financing to support clean technology producers
- $570 million in working capital to support clean technology producers
- $450 million in additional project finance for clean technology producers
- Budget 2017 also commits $400 million to recapitalize Sustainable Development Technology Canada’s SD Tech Fund, which supports the development and demonstration of early-stage clean technology projects.