The government of Canada plans to invest C$700 million ($563 million) over the next five years to grow its clean technology industry, protect the environment and create jobs.
The investment, to be made via Business Development Bank of Canada (BDC), will see BDC take on more risk to help high-potential clean tech firms expand by providing them with the capital they need to hire new staff, develop products, support sales, and scale up and compete globally.
The government also announced the launch of the Clean Growth Hub as its focal point for clean technology.
The hub will focus on supporting companies and projects that produce clean technology, as well as coordinate existing programs and track results, according to the Canadian government.
Navdeep Bains , Canada’s Minister of Innovation, Science and Economic Development, said: “Today’s announcement demonstrates our government’s commitment to create well-paying middle-class jobs while growing the economy and protecting the environment.”
Michael Denham , President and CEO of BDC, added: “With this new capital, we are looking to back the best in Canadian clean tech, with the aim of helping our most promising companies overcome financing obstacles and scale into global clean technology champions.
“Our endgame is to build a commercially sustainable clean technology ecosystem that will, over time, be able to catalyze greater institutional investment into the sector.”
The C$700 million is part of Canadian government’s largest ever public investment of C$2.3 billion ($1.84 billion) in clean technologies set aside in the Budget 2017.