A new fund will help with the research and development costs for Island cleantech projects.
The Cleantech Research and Innovation Fund will provide up to $500,000 to PEI businesses, educational institutions, or Indigenous communities for research and development that contributes to the cleantech industry in Prince Edward Island.
When developing any new technology, we know that financing struggles can often stifle the progress towards innovation. Providing funding support to get new cleantech ideas off the ground right here in Prince Edward Island will help us become a world leader in sustainable technologies for decades to come."
Steven Myers, Environment, Energy and Climate Action Minister
Cleantech is any process, product, or service that reduces negative environmental impacts through significant energy efficiency improvements, the sustainable use of resources, or environmental protection activities. Accelerating cleantech growth on Prince Edward Island will:
- diversify our economic sectors through an emerging economic sector cluster;
- help companies across diverse sectors adopt clean technology, optimize waste, and use clean energy, supporting long-term competitiveness and sustainable economic growth;
- accelerate PEI's path to net zero GHG emissions to help achieve our 2040 target.
The Cleantech Research and Innovation Fund will provide 80 percent of eligible costs to a maximum of $500,000 in assistance per approved project. Eligible projects will:
- reduce negative environmental impacts through significant energy efficiency improvements and switching of fuel sources;
- create non-emitting and/or renewable energy;
- enhance grid resiliency in a sustainable manner;
- develop sustainable uses of resources; and/or
- build enhanced environmental protection activities.
"While we work to reach our nation-leading net zero goals by 2040 and move forward in the construction of the living lab at the Cleantech Park, the Cleantech Research and Innovation Fund is another step towards making lasting change in the sustainability of our province," said Minister Myers.