A Nova Scotia company developing a new method for growing and harvesting algae to supply biofuel for the aviation industry has been declared one of the world's best clean technology start-ups.
SABRTech Inc. has been awarded $100,000 cash, a $200,000 negotiable seed investment, mentoring, and in-kind business building services through the Nova Scotia CleanTech Open.
"Clean technology is one of the world's fastest growing industries," said Percy Paris, Minister of Economic and Rural Development and Tourism. "Knowledge-based companies like those in the clean technology sectors create good jobs and are vital to Nova Scotia's future prosperity. This competition supports the innovation and competitiveness priorities of jobsHere, the plan to grow our economy."
"Algae have huge potential as a source of biofuel," said Mather Carscallen, CEO of SABRTech Inc. "Winning this competition is invaluable. It allows me to focus on prototype development so I can eventually market my technology around the world."
The province, through Innovacorp, launched the Nova Scotia CleanTech Open in September 2011. The international competition was designed to find and fund high-potential, early-stage clean technology companies. Innovacorp received 65 submissions from the United States, Europe, the Caribbean, China and across Canada.
"Nova Scotia has a lot to offer emerging clean technology companies, from clean energy resources to a supportive business and policy environment," said Jacquelyn Thayer Scott, interim CEO of Innovacorp. "We're delighted the competition's results demonstrate that Nova Scotia entrepreneurs are among the best in the world, and we look forward to being a part of Mather's future success."
SABRTech was selected after two rounds of competition. In the second round, the top 10 companies pitched to a panel of judges that included internationally known investors and entrepreneurs. Finalists were evaluated on technology, team, market potential and business plan.
Innovacorp is in discussions with other companies that made the competition short list or were discovered during competition promotion. The organization expects to work with at least two entities to help them establish Nova Scotia operations.
Innovacorp is Nova Scotia's early-stage venture capital organization. Target industries include clean technology, information technology and life sciences.
The clean technology industry includes companies that focus on alternative and renewable energy, energy savings, greenhouse-gas reduction, capture and storage, environmental remediation, and air quality and emissions management.
The Nova Scotia CleanTech Open is supported by: Atlantic Canada Opportunities Agency; AVIS; C100; Entrepreneurs' Forum; Kerr and Nadeau; MT&L; OnGreen; Province of Nova Scotia; Saint Mary's University Business Development Centre; Sandler Training; and WBLI Chartered Accountants.
For more information, contact:
T 902.424.8670 ext. 1197
Halifax, Nova Scotia, April 24, 2012