Government of Canada helps major industrial players reduce ecological footprint with support for Cycle Momentum
CED grants Montréal organization $1 million in financial assistance.
MONTRÉAL, June 14, 2022 /CNW Telbec/ – Canada Economic Development for Quebec Regions (CED)
Supporting the clean tech sector contributes to economic development in Quebec’s regions. That is why the Honourable Pascale St-Onge, Minister of Sport and Minister responsible for CED, today announced a non‑repayable contribution of $1 million for Cycle Momentum. This CED support will enable it to boost the development and adoption of technologies from start-ups in order to make the activities of businesses and traditional sectors greener.
In concrete terms, Cycle Momentum will be able to launch five open innovation challenges with well‑known industrial partners in order to reduce the ecological footprint of their operations. It will also be able to generate business opportunities for the local ecosystem of clean tech start-ups. In addition, the contribution announced today will enable it to continue to provide personalized mentoring to anchor structural projects and propel businesses forward that have the potential for high growth and significant impact through open innovation programs in collaboration with corporate partners.
Cycle Momentum is a business accelerator and open innovation platform specializing in the clean tech sector. Its project will support the long-term recovery of the Canadian, Quebec, and local economies through a forward-looking perspective and inclusive growth. It will lead to the creation of eight direct jobs and promote the green economy.
The Government of Canada recognizes and supports businesses and organizations that are a source of pride in their communities. Quebec’s economic recovery relies on the adoption of green technologies and the fight against climate change. Businesses that leverage clean technologies are major contributors to growth with a smaller ecological footprint, as well as key assets in rebuilding a greener, stronger, more resilient, and more just economy for all.
“Our government supports entrepreneurial spirit, most especially when the ingenuity and know‑how of our entrepreneurs lead to the development of green technologies. Innovation is a core priority for us, and we are proud to support innovative projects such as those by Cycle Momentum, which help create a less polluting environment. By leveraging these innovative projects, we are also investing in the well-being of future generations.”
The Honourable Pascale St-Onge, Member of Parliament for Brome–Missisquoi, Minister of Sport and Minister responsible for CED
“We are delighted with this support from CED, which enables us to bring Quebec’s big businesses more in line with open innovation by collaborating with start-ups in the clean tech sector. It is a win‑win situation. On the one hand, established businesses will have the ability to identify and adopt technologies more quickly to reduce their carbon footprint. On the other hand, start-ups will have the potential to accelerate their commercial growth and increase the impact their technologies will have on the environment.”
Patrick Gagné, President and CEO, Cycle Momentum
- This contribution has been granted under the Jobs and Growth Fund, which provides funding to businesses and organizations to help create jobs and position local economies for long‑term growth.
- SMEs represent 99.7% of Quebec businesses and contribute to 50% of the province’s GDP.
- Today’s announcement is part of a series of CED announcements that have been taking place since the winter confirming a total of nearly $40 million in investments in over 20 innovative projects by Quebec businesses and organizations that will contribute to the economy of tomorrow. These are strategic investments in projects that will make it possible to reduce Canada’s environmental impact and foster a green, resilient economy.
- CED is a key federal partner in Quebec’s regional economic development. With its 12 regional business offices, CED accompanies businesses, supporting organizations and all regions across Quebec into tomorrow’s economy.
SOURCE Canada Economic Development for Quebec Regions