Electric drive system specialist BionX has become the beneficiary of a $3 million CAD investment by the Canadian Government to assist the firm drive forward its products for electric vehicles.
A producer of electric bike drive systems, among others, BionX is one of six Toronto-area companies in receipt of a $15.5 million CAD investment pool. The funding is expected to create numerous new well-paid jobs for locals.
The announcement was made by the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development on the 8th of August 2017. The chosen projects are being funded through Sustainable Development Technology Canada, which works with Canadian companies to bring early-stage clean technologies to market. Investments in clean technology are part of the Government’s Innovation and Skills Plan, a multi-year strategy to create well-paying jobs for the middle class and those working hard to join it.
Minister Bains said: “Our government’s investments in clean technology reflect our commitment to protecting the planet. But they also point to a clear and strategic direction for economic development through innovation. That’s because innovations in clean tech will lead to products and services that have an impact on all sectors of the economy. And clean tech has the potential to create thousands of well-paying jobs for Canadians. That’s how innovation leads to a better Canada.”