The Federal Economic Development Agency for Southern Ontario (FedDev) announced funding for a cleantech accelerator, to be known as the Trent Enterprise Centre (TEC), via a special virtual event on July 23, 2020.
Read the official FedDev funding announcement here!
The non-repayable contribution will be matched by $5.2 million in private sector investment.
The FedDev funding will support infrastructure in the Trent Enterprise Centre – an accelerator initiative located in the new clean technology research park that will provide shared labs, space for technology assessment, demonstration and piloting, office space, and scale-up facilities specifically designed to support the commercialization of clean technology products and services.
The TEC will partner with the Peterborough Innovation Cluster to offer business acceleration services to help ventures commercialize their ideas and accelerate their growth.
TEC will be the only clean-technology accelerator in Canada with both shared laboratories and pilot facilities to support cleantech startups, business growth and commercialization, helping make Peterborough a desirable location for scalable and growth-orientated next-generation ventures and cleantech entrepreneurs.
“This major federal investment supports our exciting development at Cleantech Commons, which will make the Greater Peterborough region an emerging hub of clean, green technology,” said Dr. Leo Groarke, president and vice-chancellor at Trent University.
“In partnership with the City of Peterborough, we are working to not only be a leader in this emerging technology field but also spur economic growth by creating science-based jobs, retaining top talent, driving innovation and attracting more investment.”
The funding was announced by the Honourable Maryam Monsef, Member of Parliament for Peterborough-Kawartha, and minister for Women and Gender Equality and Rural Economic Development, on behalf of the Honourable Mélanie Joly, Minister of Economic Development and Official Languages.
“Our industry sector has incredible potential and by collaborating with Trent University and the Peterborough Innovation Cluster we are bringing together the best partners to foster the cleantech cluster in Peterborough and beyond,” Monsef said.
Thanking the minister, Cleantech Commons executive director Martin Yuill said, “This investment in the Trent Enterprise Centre at Cleantech Commons will support the development of a community of next-generation cleantech innovators and entrepreneurs that will help to significantly advance solutions to the most pressing energy, environment and climate challenges of our times.”
Speaking at the funding announcement, Yuill said that the Trent Enterprise Centre will support the commercialization of new clean technologies by offering tenants – what he called “the game-changing companies of tomorrow” – a wide range of value-adding business support & incubation/ acceleration services.
The TEC accelerator is part of Trent’s plan to stimulate cleantech sector growth and position the Greater Peterborough region as an emerging cleantech hub, reports BetaKit.
Through a partnership with the Peterborough Innovation Cluster, the TEC will support 70 companies with business advisory and mentoring services, and the project will lead to the creation of an anticipated 300 jobs.
Cleantech Commons is set to become Canada’s premier green technology research, innovation and commercialization site, hosting a cluster of growth companies and startup and spin-out ventures.
It will be a major point of convergence for industry and academic partners who are driving advancements in water technologies, contaminant analysis, agro-biotechnology and biomaterials, with the goal of contributing to cleantech-related economic development.
“Cleantech Commons,” says executive director, Martin Yuill in a recent “Community Update“, “is designed to host a clustered community made up of growth companies, spin-out & startup ventures, and corporate accelerators & ‘innovation outposts’.”
Co-located with the academic & research expertise of Trent University, Yuill says that the Cleantech Commons “community of clean, green, low- & zero-carbon technology innovators & entrepreneurs will help to significantly advance energy, environment and climate technology innovations that will have both national and global impact.”