The federal government has announced $55 million in funding to support Canada’s clean technology sector.
The money is from a pool of $750 million announced in December for Sustainable Development Technology Canada.
It is to go to 20 companies across the country to help fund research and development on cutting greenhouse gas emissions, reducing environmental impacts of mining and supporting more sustainable agriculture.
The recipients include a Regina company using drones to help reduce the amount of chemicals that farmers apply to their land and a Montreal firm developing more efficient glass for solar panels.
Industry Minister Francois-Philippe Champagne said the spending will help keep Canada at the forefront of the large and growing clean tech market.
“It may help these companies raise additional funds. You would have a multiplier effect — they can go to the market and say, ‘See, we have the backing of (a government agency),”’ Champagne said Thursday.
“It helps them with respect to their customers. Canada stands for quality, stability, predictability and traceability.”
Champagne said the agency will follow the recipient companies as they bring their products and services to market.
“We are in a position to support them in their various stages of growth. The initial due diligence has been done.”
Champagne said more announcements of clean tech support are coming, backstopped by funds budgeted for Sustainable Development Technology Canada.
“This gives us the means of our ambitions. We are serious when it comes to clean technologies.”
Federal figures suggest the clean technology market is set to exceed $2.5 trillion by next year. A government release said that as of last March, federally supported companies had generated $2.7 billion in annual revenues, created over 14,600 jobs and brought 126 new technologies to market.
Know what is happening in the halls of power with the day’s top political headlines and commentary as selected by Globe editors (subscribers only). Sign up today.