Investment supports OSCP, a growing Canadian cleantech company, and will help advance the safety and accuracy of autonomous vehicles and drones
MONTRÉAL, Nov. 30, 2021 /CNW/ - Canada's cleantech entrepreneurs are proving their power to take on today's environmental challenges. Working in partnership with innovative companies, the Government of Canada is supporting the growth of a greener economy.
Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced an investment of $3.2 million in Montréal-based One Silicon Chip Photonics (OSCP) through Sustainable Development Technology Canada (SDTC). This is the second SDTC investment in OSCP, a graduate of SDTC's Seed Fund for early-stage cleantech entrepreneurs who have gained solid ground and are ready to scale up.
OSCP is an emerging pioneer in optical sensor technology and builds inertial navigation sensors for autonomous vehicles. OSCP will use the SDTC investment to develop lighter, lower-cost inertial navigation sensors for the next generation of autonomous vehicles and drones.
This initiative will also involve the design of a novel inertial measurement unit (IMU) that will offer high performance in the precise navigation of any moving object, thereby advancing the safety and accuracy of self-driving vehicles. OSCP aims to further de-risk its IMU technology through a series of design improvements and market validation.
Autonomous vehicles could offer significant environmental benefits through more efficient transportation that reduces energy consumption and contributes to a net-zero carbon economy.
The Government of Canada is committed to investing in clean technology that lays the foundation for a stronger, greener and more sustainable economy that creates opportunities for all Canadians. Today's investment will help grow our economy, protect the environment and ensure safer, more efficient transport.
"Now is the time for ambitious climate action. Cleantech innovation, entrepreneurship and commercialization are key to the vital shift to a healthier environment and a net-zero carbon economy. Today's announcement will boost our leadership in climate and waste reduction technologies and help foster a truly Canadian success story."
– The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
"Canadian entrepreneurs are driving the innovation that is moving us towards a more sustainable and prosperous future. This investment will enable One Silicon Chip Photonics to rapidly accelerate and commercialize its ideas and continues the momentum of public and private commitments to advancing clean technology."
– Leah Lawrence, President and CEO, Sustainable Development Technology Canada
"Automakers have committed to a greener and more autonomous future, but that vision can't happen without a more affordable and accurate inertial measurement unit. With the assistance of SDTC funding, we will now be able to remove the technology barriers that remain, thus enabling the autonomous future."
– Richard Williston, Director of Operations, One Silicon Chip Photonics
Clean technology companies currently employ more than 211,000 Canadians in rewarding, well-paying jobs.
SDTC is an independent federal foundation that funds companies with the potential to become world leaders in environmental technologies and help solve some of the planet's most pressing environmental challenges, such as climate change and polluted air, water and soil.
SDTC is Canada's largest funder of clean technology entrepreneurs, and its support makes a significant difference in today's hyper-competitive global market.
Since 2001, SDTC has invested more than $1.38 billion in 460 companies that have generated $2.8 billion in annual revenues, created 16,930 jobs, brought 177 new technologies to market and reduced greenhouse gas emissions by 22.4 megatonnes of CO2 annually, which is equivalent to taking almost 7 million cars off the road every year.
The world is taking notice of Canada's leadership in clean technology: 11 Canadian companies, 9 of which have been funded by SDTC, placed on the 2021 Global Cleantech 100 list.
In December 2020, the Government of Canada announced A Healthy Environment and a Healthy Economy, Canada's strengthened climate plan, which has increased support for SDTC with an additional $750 million over five years, representing the single largest Government of Canada investment in SDTC since its inception in 2001.
Find more services and information at Canada.ca/ISED.
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SOURCE Innovation, Science and Economic Development Canada
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