Canadian e-bike brand BionX will benefit from a new initiative created by the Government of Canada to invest $15.5-million into green initiatives.
This investment in six Toronto-area companies was targeted by the Canadian government to further the development of technologies that lead to less pollution and healthier communities.
These projects are being funded through Sustainable Development Technology Canada, who 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.
“Our government’s investments in clean technology reflect our commitment to protecting the planet,” said minister of innovation, science and economic development Navdeep Bains. “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.”
The company confirmed that the funds will be used to develop more powerful lightweight propulsion systems to improve e-bikes.