Ontario's Ministry of Economic Development and Innovation awarded FibraCast Ltd., a firm developing water purification technology, a $1.3 million Innovation Demonstration Fund loan to develop an economic method of producing clean drinking water.
The firm, headquartered at 1480 Sandhill Drive in Ancaster's Business Park, a town southwest of Hamilton, Ontario and Toronto, estimates it will create up to 70 jobs in the province.
FibraCast developed an innovative membrane technology for purifying drinking water and treating wastewater that costs less than half as much to produce as competing products, a company spokesman said. As FibraCast's new purification system will be significantly less expensive than most non-membrane filtration technologies, it could become a product of choice for drinking water filtration, wastewater treatment, and industrial pure-water treatment.
"Fibracast Ltd. selected Ontario for our global headquarters because it is the best place in the world to develop new technology. Ontario has an abundance of world-class engineering and manufacturing talent, which is supported by strong government programs to help new companies become established, innovate and launch breakthrough technologies. No successful technology development can be a one man show anymore. Ontario offers a pool of local dynamic companies capable of working side by side with us and delivering state-of-the-art custom-made equipment," said John Tomescu, Fibracast Chief Executive Officer, Ltd.
Supporting made-in-Ontario technologies and helping build local businesses is part of Ontario Provincial Premier Dalton McGuinty's plan to create a vibrant economy. A strong economy creates jobs for Ontarians and protects the services that matter most to Ontario families health care and education, an Ontario Economic Development spokesman said.
"Ontario is proud to support innovative companies like Fibracast that are turning innovative ideas into great jobs. We are proud to support the development of new technology that will ensure clean water, and create new, high-quality jobs in Ontario, " said Brad Duguid, Minister of Economic Development and Innovation
Fibracast will begin commercial sales of its purification system in 2013.
The province's Innovation Demonstration Fund is a discretionary funding program administered by the Ministry of Economic Development and Innovation. The program focuses on emerging technologies, with a preference towards environmental, alternative energy, bio-products, hydrogen and other globally significant technologies. A firm receiving the loan has to prove it will work. Companies are required to demonstrate that their concept has been proven, fully validated, and upon successful completion will lead to full-scale commercial activities in Ontario.. The purpose of the IDF is to support Pilot Demonstrations that will lead to the commercialization of processes or products in Ontario that are globally competitive, a fund spokesman explained.