Government of Canada invests $4.8 million to support scale up of Mississauga-based clean technology innovator
News release
Government of Canada invests in Stromcore Energy Inc. to accelerate growth and launch two new energy-efficient products
May 26, 2023 – Mississauga, Ontario
As we move towards a green future, the many clean tech companies in Ontario will be the key to strong economic growth. The Government of Canada recognizes their potential and we are investing in projects that will help us achieve our goal of a net-zero economy.
Today, during Economic Development Week, the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) announced a $4.8-million investment in Stromcore Energy Inc. (Stromcore) to add new advanced manufacturing equipment, launch two new products, and promote a green economy.
With this support, Stromcore, a manufacturer of intelligent lithium-ion batteries for forklifts, will adopt advanced manufacturing equipment and technology and launch two new highly innovative energy-efficient products; Turbo Bank, an advanced AI-powered charger with improved efficiency; and Electric Cart, a zero-emission e-forklift developed in collaboration with Amazon to lift goods. These new products have a fast-charging capability and the ability to operate in colder environments, helping improve productivity, while promoting the development and adoption of clean technologies in industrial settings.
Stromcore will scale its operations to meet the growing market demand for these innovations, create 18 new jobs and enhance its global competitiveness. This investment also supports the sustainable recycling of electric batteries as part of a circular economy. At the end of the life of a battery, Stromcore disassembles and salvages up to 99 percent of the battery components to minimize their potential negative environmental impact. These efforts are incredibly important in an economy that is transitioning to net-zero and helping companies reach their potential with reusable battery power will ensure that this energy source remains sustainable.
By providing support to businesses like Stromcore, we are fostering their growth and showing the country and the world that Ontario is a leader in green tech and manufacturing.
Quotes
“Businesses in Ontario are leading the way in modernizing and developing new processes, technologies and products that will build a strong green economy. Our Government’s $4.8-million investment in Stromcore Energy Inc. underscores our commitment to helping businesses reach their potential as they move toward innovative green solutions and create good jobs across our province.”
– The Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario
“The growth of the clean tech sector in Mississauga is not only good for the environment, it is also driving economic development and creating jobs in the community. Today’s investment will help Stromcore Energy Inc. to develop new, energy-efficient and longer powered innovations, contributing to a greener future for all.”
– Iqra Khalid, Member of Parliament for Mississauga–Erin Mills
“The FedDev Ontario support will accelerate the commercialization of our new product innovations and allow significant efficiency gains in the process. The rapidly growing Stromcore team welcomes this project with excitement and anticipation."
– Maxime Vidricaire, Chief Business Officer, Stromcore Energy Inc.
Quick facts
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Established in 2016, Stromcore is an innovative clean technology company that designs and manufactures smart lithium-ion batteries (up to 50 percent more efficient compared to similar products in the market) for industrial forklifts that are used in warehousing and distribution industries.
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In 2021, the company was recognized as one of Canada’s Clean Technology winners in Deloitte’s Technology Fast 50 Challenge.
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Since 2015, the Government of Canada, through FedDev Ontario, has invested over $320 million in more than 145 clean tech projects, creating nearly 10,000 jobs and maintaining over 7,000 jobs.
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Since 2015, the Government of Canada, through FedDev Ontario, has invested over $105 million in more than 160 projects in Mississauga, creating over 1,300 jobs and maintaining over 8,000 jobs.
Associated links
Contacts
Edward Hutchinson
Press Secretary
Office of the Minister responsible for the Federal Economic Development Agency for Southern Ontario
Edward.Hutchinson@feddevontario.gc.ca
Media Relations
FedDev Ontario
fdo.mediarel-relmedias.fdo@feddevontario.gc.ca
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