A total of $7 million will help two Richmond-based energy efficiency businesses create jobs and services to solve local and global challenges, said International Development Minister Harjit Sajjan, outside of FPS Food Process Solutions in Richmond.
Sajjan, who is also the minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), was joined by Richmond’s two Liberal MPs, Wilson Miao and Parm Bains to announce the funding on Monday morning.
FPS, a Richmond-based business providing customized freezing and cooling equipment for the food processing industry, is receiving a funding of $2 million. The company plans to make its Spiral Immersion System technology marketable, which will create faster freezing while reducing energy consumption.
Meanwhile, RecycleSmart will receive $5 million to increase production of its Pello waste-management system. The system uses wireless sensors and cloud computing software to track waste bin data.
Both companies anticipate that new jobs will be created as a direct result of the funding, however there is no requirement.
“This technology here will have an impact around the world, not just from a business perspective, but actually when food security is a significant challenge in the word,” said Minister Sajjan, adding that B.C. has a “growing dynamic economy with new strengths and challenges.”
“With this funding, we are helping these ground-breaking companies to further develop their products, while at the same time, supporting economic growth and good jobs for Canadians.
According to Jeffrey Chang, president of FPS, the investment will create 40 new jobs at his company while increasing sales and revenue for the company.
“We are emboldened by this recognition to not only continue in manufacturing excellence in the food industry in British Columbia, but to ensure this technological advancement places FPS on the map as a local innovator with global reach,” said Chang.”
RecycleSmart is looking to create 50 new jobs through the funding.
“With the support of PacifiCan we will expand the RecycleSmart engineering and manufacturing teams to bring our made in Canada, smart waste platform to the North American market,” said Colin Bell, chief innovation officer at RecycleSmart.
Funding is being provided to the companies through PacifiCan’s Business Scale-up and Productivity (BSP) program – a funding program to help high-growth businesses and firms developing “innovative goods and technologies.”