Québec business receives $1M in financial assistance from CED.
QUÉBEC, Feb. 20, 2024 /CNW/ – Canada Economic Development for Quebec Regions (CED)
Supporting innovative manufacturers contributes to economic development in Quebec’s regions. That is why the Honourable Steven Guilbeault, Minister of Environment and Climate Change, along with Joël Lightbound, Member of Parliament for Louis-Hébert, today announced, on behalf of the Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for CED, a repayable contribution of $1M for Laserax. This CED assistance will facilitate the business’s efforts to commercialize new laser welding equipment that will make it possible to produce electric vehicle batteries more quickly.
Founded in 2010 and led by two graduates of Université Laval’s Centre for Optics, Photonics and Lasers, Laserax is an exporting technological SME specializing in the design, manufacture, and commercialization of systems using lasers, a green technology, in industrial applications. Its positioning in the electric vehicle battery industry has led the business to develop a new patented product, a laser welder for the manufacture of battery modules. This project aims to commercialize this product and strengthen the SME’s capacity for innovation.
These investments continue to place Quebec and Canada at the cutting edge of electric vehicle manufacturing, as the Government of Canada works to build a strong, competitive economy, create good jobs for the middle class today and in the future, and fight climate change.
“The climate crisis remains one of the greatest challenges of our time. Our government therefore encourages homegrown businesses to develop more eco-friendly processes and products—as is the case today with Laserax. We are continuing to build a more sustainable economy for the benefit of future generations.”
The Honourable Steven Guilbeault, Member of Parliament for Laurier–Sainte-Marie and Minister of Environment and Climate Change
“SMEs are at the core of community development and are part of our government’s economic recovery plan. We are helping them grow and innovate, and so I am delighted with CED’s support for Laserax’s project. Its contribution to Québec’s economic vitality is undeniable! Without a doubt, the success and spin-offs of its project to commercialize a new laser welding solution will be felt right across the region and throughout Quebec and Canada.”
Joël Lightbound, Member of Parliament for Louis-Hébert
“CED is enthusiastic in its support for the entrepreneurial spirit when the ingenuity and know-how of our entrepreneurs lead to the development and commercialization of green technologies. Innovation is a core priority for us, and our government is proud to assist SMEs in developing greener technologies and products. By leveraging these cutting-edge projects, we are helping them become more innovative and competitive, in addition to investing in the well-being of future generations.”
The Honourable Soraya Martinez Ferrada, Member of Parliament for Hochelaga, Minister of Tourism and Minister responsible for CED
“Thanks to our strategic partnership with CED, Laserax is leaping ahead, accelerating the commercialization of our laser welding technology and solidifying our position as a leader in the electric vehicle battery industry. This is wonderful recognition of our commitment to innovation and eco-friendly technology. Together, we are building the future of sustainable mobility.”
Xavier Godmaire, President, Laserax
- The funds have been granted under CED’s Regional Economic Growth through Innovation program. This program targets entrepreneurs leveraging innovation to grow their businesses and enhance their competitiveness, as well as regional economic stakeholders helping to create an entrepreneurial environment conducive to innovation and growth for all, across all regions.
- In Quebec, SMEs account for 99.7% of the province’s businesses and 50% of its GDP.
- CED is the 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.
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SOURCE Canada Economic Development for Quebec Regions
