Victoria is injecting another $8 million into B.C.’s fledgling clean-tech industry.
On Saturday, the province announced that 12 new projects would receive funding through its Innovative Clean Energy (ICE) fund, which was established in 2007 to demonstrate small-scale, pre-commercial clean technologies to potential investors and customers worldwide.
The money will be used to fund an array of small projects, including a solar power plant, a tidal energy converter and a commercial-scale torrefaction plant that is designed to convert beetle-killed wood into fuel pellets.
Energy Minister Rich Coleman said the projects generate 475 jobs and nearly $79 million in new investment to the province’s clean-tech sector.
The funding comes just weeks after KPMG released a report saying that government support is needed to help the sector stay globally competitive.
The report noted that global investment in clean-tech hit a record $243 billion last year.
The province’s clean-tech sector is expected to employ 8,400 people and generate $2.5 billion in revenue this year, KPMG said.
Jonathan Rhone, president and CEO, Nexterra Systems, and chairman of B.C.’s Cleantech Alliance said at the time, “The sector has the potential to be a significant economic generator by creating thousands of new high-paying jobs, attracting significant new investment and generating billions of dollars in exports.”
Joel McKay
Twitter:jmckaybiv