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Thursday, Feb 9, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Alternative Energy

Alberta receives $3M federal investment supporting clean energy industry

Over $2.1M of the contribution will go towards the Energy Transition Centre in downtown Calgary

Alberta receives $3M federal investment for clean energy industry
Photo by Pixabay via Pexels

The Canadian federal government continues to fund projects in the clean energy industry and on Monday it announced a $3 million investment towards an Energy Transition Centre in downtown Calgary and other initiatives that will boost clean energy technologies in Alberta.

Prairies Economic Development Canada (PrairiesCan) announced that the money will also go to building entrepreneurship capacity and growing Alberta’s clean technology companies.

Minister of Northern Affairs Daniel Vandal, who is responsible for PrairiesCan and Minister of Tourism and Associate Minister of Finance Randy Boissonnault announced the investment in order to strengthen collaboration, advance leadership, and attract the private sector to help grow the province’s clean technology sector.

A study by Alberta Energy Transition suggested that the clean energy sector could create 170,000 jobs and contribute $61 billion to the gross domestic product by 2050 in Alberta.

Over $2.1 million of the contribution will go towards the Energy Transition Centre in Calgary and it will enable the University of Calgary and private sector partner Avatar Innovation to transform vacant office space in central Calgary into an innovation hub for advancing clean energy technologies.

Read more: Clean energy demands propel sales of commercial hydrogen vehicles: Fact.MR

Read more: U.S. and UAE sign clean energy agreement to move away from fossil fuels

The centre will also provide a space where energy companies can collaborate with start-ups, innovators and investors. It is meant to facilitate access to specialized equipment, energy transition experts and entrepreneurship programming.

As a hub, this initiative is expected to contribute to at least 25 new businesses over the next three years and support the growth of many others operating in the sector.

An additional investment of $900,000 through PrairiesCan will allow the Foresight Clean Technology Accelerator Centre to offer its programs in Alberta. Foresight will use the funds for training and investment attraction initiatives.

“The Government of Canada is making strategic investments to build on Alberta’s strengths in clean technology, including its talent, energy expertise, and emerging capabilities in energy transition,” Minister Vandal said in a statement.

“Our support for an Energy Transition Centre in the heart of downtown Calgary and a proven accelerator for clean technology companies will help ensure that Alberta businesses can capitalize on these advantages and capture significant global market share in the clean technology sector.”

 

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