Richmond-based company receives federal funding for development of clean technology


Richmond-based company receives federal funding for development of clean technology

A Richmond-based company is receiving $1.68 million to help decrease the driving distance of garbage collection trucks.

The federal funding – part of a $46.3 million boost revealed Wednesday by Navdeep Bains, minister of Innovation, Science and Industry – is also expected to create 70 new jobs at RecycleSmart, one of 14 companies across Canada to receive the funding.

RecycleSmart, based in north-east Richmond close to Cambie and Shell roads, will also use the funding to reduce the amount of waste headed to landfills.

Bains made the announcement at the Richmond company’s base, adding that the investment will tackle climate change and create new job opportunities through the development of clean technologies

“(RecycleSmart’s technology) has enormously positive impacts for communities,” Bains told the Richmond News

“It’s a great example of Canada playing a leadership role, of Richmond playing a leadership role, in leading clean tech solutions that can make the world a better place.”

Funding, according to Bains, is awarded to companies in batches. The last round of funding was in August 2019.

RecycleSmart uses smart sensors, which it installs in dumpsters and recycling bins, to track how many recyclables or how much waste is in the container, how that amount changes over time and when it’s time to pick up the container.

Information from the sensor diverts up to a third of waste from the landfill and helps RecycleSmart’s clients meet financial, environmental and operational goals.

The company was also named the fastest-growing industrial service firm in Canada last September, and 25th fastest-growing among all companies nation-wide.

“If you look at it from my perspective as well, Richmond is leading the way, as is British Columbia,” said Bains, adding that 30 per cent of clean tech growth in Canada is coming from B.C.

“So B.C. companies are punching well above their weight.” 

Canada also ranks first among G20 countries for clean technology innovation, said Bains, and 12 companies listed in the Global Cleantech 100 list — which names companies that will impact the market and future of global industries — receiving funding from the federal program.

“I think that demonstrates how we’re creating a really strong ecosystem of companies that have great solutions, and that can grow and scale which means more jobs,” said Bains.

Hundreds of middle-class jobs should be created through this latest round of funding, said Bains. 

“As we invest and co-invest in these companies, what we’re essentially doing is laying the foundations for future success locally right here in Richmond.”




Source link