INNOVACORP–Startups Selected for Clean Technology Acceleration Program

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Five Nova Scotia startups will participate in an acceleration program to help grow their clean technology ventures.

The CleanTech Accelerate Program provides the companies with financing and business guidance.

Innovacorp and the Atlantic Canada Opportunities Agency (ACOA) announced the five participating startups today, March 3. They are developing innovations to:
— turn crickets into a high-quality protein powder – Joy Hillier of Midgard Insect Farm Inc., Windsor
— recycle expanded polystyrene (known as Styrofoam) – Dietmar Tholen and Scott Baxter, BDT Polystyrene Recycling Inc., Newcombville, Lunenburg County
— enable energy-efficient production of dried natural foods – Alex Martynenko of CARE Food Engineering Inc., Truro
— help telecom carriers better manage their energy needs – Kianoosh Yazdani and Tim Speed of Minute88 Inc., Halifax
— provide solar energy to households in remote communities – Sebastian Manchester and Jeff Schnurr of Jaza Energy Inc., Halifax.

“This program is helping us reach important technical and business milestones and launching us from prototype to product,” said Sebastian Manchester, co-founder of Jaza Energy. “The support is accelerating our effort to bring solar energy to remote communities around the world.”

“We’re pleased to recognize the startup founders selected for Innovacorp’s CleanTech Accelerate Program,” said Joachim Stroink, MLA for Halifax Chebucto, on behalf of Minister of Business Mark Furey. “Startups are vital to growing our economy, and Nova Scotia’s start-up scene is vibrant.

“Investing in companies at early stages can help drive innovation, exports and global competitiveness, as well as create high-value jobs.”

The Government of Canada’s support for the program is part of its $500,000 contribution to a variety of clean technology programs being led by Innovacorp. The investment is aimed at moving Nova Scotia high-potential clean technologies through the start-up phase to investment-readiness. The non-repayable contribution is provided through ACOA’s Business Development Program.

“The Government of Canada is pleased to support Nova Scotian innovators as they develop new clean technologies,” said Halifax MP Andy Fillmore on behalf of Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for ACOA. “Support for clean technology projects helps diversify the region’s economy, open up new markets, reduce carbon emissions and create good jobs for Atlantic Canadians.”

The participating companies will each receive $20,000 cash to help address key technical and business milestones and move closer to being investment ready. They will also receive training and mentorship from private sector partners thenextphase, Enginuity and Ecofuel.

Companies from across Nova Scotia made 17 submissions to the CleanTech Accelerate Program. The five participants were selected from the nine companies invited to pitch their ventures to judges in January.

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Source: Release