Cleantech in Southern Ontario to Receive $5.2-million in Federal Funding

Boundless Accelerator, formerly known as Innovation Guelph, has received $5.2 million from the federal government to boost southern Ontario’s clean technology (“cleantech”) sector. With this investment by FedDev Ontario, the Accelerator has launched the Southern Ontario Environmental Impact Fund (the “SOEIF”). The SOEIF aims to support enterprises developing cleantech and sustainable practices. It will be comprised of two main programs: a refined iteration of the i.d.e.a. Fund and the new Sustainable Impact Program.

The i.d.e.a. Fund aims to help businesses reduce their environmental footprint and move towards a more sustainable economy. Businesses are provided with resources, such as business support and seed funding, to develop or re-design products, services and technologies. Since its launch in 2022, the Fund has supported approximately 245 businesses and the commercialization of nearly 480 products. In light of the federal funding, the Fund is planning to launch two more cohorts and work with 145 more companies. The initiative will be a collaboration between Boundless Accelerator and five other regional innovation centres.

While the details of the Sustainable Impact Program are still being finalized, it will tackle other aspects of sustainability to complement the success of the i.d.e.a. Fund. The Program plans to provide tailored assistance to businesses that are focused on sustainable practices and technologies. For example, it will partner with cleantech enterprises to ensure they become export and investor-ready.

As a whole, the investment in the SOEIF aligns with the government’s broader strategy of addressing climate change and moving towards a greener economy.