Vancouver-based Panevo among cleantech firms to receive $26.7M in federal funding
The startup helps industrial facilities manage energy and reduce emissions.
Federal agency Sustainable Development Technology Canada (SDTC) announced an investment of $26.7 million in ten Canadian companies working in sectors ranging from agriculture, forestry, and energy to transportation. From producing proteins using insects to preventing forest wildfires and helping enforce better use of carpool lanes, the funding is meant to support companies across Canada focused on a wide variety of innovations.
Among the recipients is Panevo, an energy conservation company based in Vancouver. The company has been awarded $1.5 million. Panevo works with big industrial facilities to help them to better manage energy performance, reduce greenhouse gas emissions, and lower costs.
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SDTC aims to help small and medium-sized businesses in cleantech grow into large companies that employ Canadians. Previous B.C. beneficiaries of its programs include Axine Water Technologies, Ecoation, and Terramera.
Other Canadian companies to receive funding include Ecopia Tech Corp, a geospatial data company based in Toronto, Ontario and Green Graphite Tech Inc., an energy utilization company in Montreal, Quebec.
“With our support and funding at all stages of development, we are accelerating Canadian companies’ ability to become global leaders in their fields,” said Leah Lawrence, president and CEO of SDTC, in a statement. “Today’s investment allows us to reach even further into the ecosystems from energy to forestry to agriculture, supporting more Canadian entrepreneurs who will bring us one step closer to a Net Zero economy.”
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