Loop Energy says it has been awarded C$760,000 from Innovation, Science and Economic Development Canada (ISED) to support the development of the company’s next-generation transportation fuel cell stack.
As reported, the investment is being made available through the Automotive Supplier’s Innovation Program (ASIP).
“We are honored to have received the support of ASIP and ISED, in addition to funding programs previously announced,” says Ben Nyland, president and CEO of Loop Energy. “These non-dilutive and non-repayable funds will be used to support the further development of our leading fuel cell technologies that are proving their ability to improve vehicle efficiency, reduce emissions and compete economically with incumbent technologies.”
ASIP helps Canadian automotive suppliers to develop and demonstrate new technologies, ensuring that they can continue to innovate and compete. As vehicle manufacturers demand a supply of advanced products to meet new fuel-efficiency, emissions and safety standards, as well as to address growing consumer interest in advanced vehicle technologies, suppliers such as Loop Energy are demonstrating their ability to meet these demands and market their solutions globally.
“If Canada is to succeed in making the cars of the future, we must embrace greener, more sustainable technologies,” says the Honourable Navdeep Bains, Canada’s Minister of ISED.
“These technologies will create the well-paying, middle-class jobs of the future. Advanced research and development projects challenge today’s autoworkers to enhance their skill set,” he says. “By having a workforce with skills that are in demand and the technologies that will shape the future of the industry, Canada’s auto sector can secure its place in the global supply chain of tomorrow.”