Nova Scotian clean technology companies will have better access to capital through a new, $24-million provincial fund.
Premier Darrell Dexter announced today, April 13, that the province, through Innovacorp, is launching the fund as part of jobsHere, Nova Scotia's plan to grow the economy.
"Knowledge-based companies like those in the clean technology sectors create good jobs, help grow the economy, and are vital to Nova Scotia's future prosperity," said Premier Dexter. "This fund will help support the growth of emerging clean technology companies and will help us deliver on our ambitious renewable energy and environmental targets."
Clean technology includes renewable energy, energy efficiency, air and water quality solutions, and recycling. It represents a range of products and services intended to provide superior performance at lower costs, while minimizing negative ecological impact and using natural resources responsibly.
"I'm delighted to see Nova Scotia targeting investment in an industry that has such potential to improve our economy, our communities, and our environment," said Robert Niven, founder and president of Carbon Sense Solutions. "The investment will help companies like ours meet an urgent demand for sustainable solutions. It will also attract new companies and investment into the region, strengthening Nova Scotia's position in this exciting global market."
The fund will be managed by Innovacorp through its High Performance Incubation business model. The model has a proven track record of driving companies' performance by progressively funding them as they meet operational milestones.
"This additional capital is coming at a time of ever-increasing international demand for clean technologies and solutions," said Clifford Gross, president and CEO of Innovacorp. "We look forward to working with entrepreneurs, investors and researchers to bring Nova Scotia's green innovations to the marketplace."
Innovacorp is Nova Scotia's technology commercialization agency, helping high-potential early stage companies succeed in the global marketplace. The organization's High Performance Incubation business model is an internationally recognized approach to technology commercialization, combining incubation infrastructure, business mentoring, and seed and venture capital investment. Clean technology is one of Innovacorp's target industries.
For more information, contact:
Janet Lynn McNeil
Economic and Rural Development and Tourism
Halifax, Nova Scotia, April 13, 2011