Federal gov’t giving BDC $700 million to invest in clean-tech companies

Navdeep Bains speaking

The federal government will give $700 million over the next five years to BDC for clean-tech investments, according to a report from the Canadian Press.

The investment will be announced this afternoon in Montreal by Minister of Innovation, Science and Economic Development Navdeep Bains and Environment Minister Catherine McKenna.

The funding is part of the government’s promise to invest $2.3 billion in clean-tech technologies as part of last year’s budget. The government has had a keen focus on clean-tech since its announcement; this vertical is currently one of the shortlisted superclusters that have a chance to receive a piece of $950 million in funding.

The government also announced last year that it would $14.5 million over four years to develop Clean Technology Data Strategy, and $400 million over five years towards the Sustainable Development Tech Fund focusing on clean-tech projects. The government is expected to announce the creation of a clean-tech growth hub supporting clean-tech companies and projects, coordinating existing programs, and tracking results.

“Clean technology crosses all sectors of the economy, creating jobs while reducing our impact on the
environment,” said Jim Carr, Minister of Natural Resources. “Through the Clean Growth Hub, the federal government is helping companies and researchers that are pursuing clean-tech projects to identify the right support for their business. We’re putting Canada on the map as a global source of clean growth solutions.”

This story was originally published on BetaKit.