Two B.C. businesses are receiving more than $6.8 million in federal funding to advance waste-reducing technologies in the energy and textile sectors.
Gregor Robertson, the minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), announced the investment for two Coquitlam-based companies on Monday.
Moment Energy Inc., which makes modular battery storage systems from repurposed electric vehicle (EV) batteries, will receive $4.9 million. The technology extends the life of EV batteries by 10 to 15 years and reduces the need for new production, according to the company.
Moment Energy said the funding will accelerate its expansion across Canada.
“Our systems can support the surge in AI data centres, quantum computers and advanced EV charging, while ensuring critical infrastructure like airports and hospitals are powered,” said Edward Chiang, CEO of Moment Energy, in a statement.
Novo Textile Company Ltd. will receive more than $1.8 million. The company plans to bind recycled fibres with B.C. wood pulp to produce Canadian-made textiles "at competitive prices."
“[The investment] marks a major step towards building a truly B.C.-based, advanced manufacturing circular economy,” said Jason Zanatta, CEO and president of Novo Textile.
PacifiCan, Ottawa’s B.C.-focused economic development agency, provides funding to growing companies to support new product launches, technology development, and sales and marketing expansion.
B.C. businesses can apply for financial support through various PacifiCan program streams.
"By investing in local businesses, PacifiCan is helping entrepreneurs advance sustainable technologies, drive business growth and build a strong, resilient Canadian economy," said Robertson.
