Armada Surge Protection: propelling innovation from the Montérégie to Colombia

The Government of Canada provides $100,000 in funding for this young Granby company

GRANBY, QC, Oct. 10, 2018 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)

Armada Surge Protection (10551554 Canada Inc.) will receive a $100,000 repayable contribution from Canada Economic Development for Quebec Regions. The funding will allow this startup company to acquire production equipment and implement a marketing strategy on the Canadian and Columbian markets for its innovative product, a surge protector that better protects electrical and electronic equipment.

The funding was announced today by the Honourable Marc Garneau, Minister of Transport, and Pierre Breton, Member of Parliament for Shefford, acting on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for Canada Economic Development for Quebec Regions.

It was the realization that there was a need for an innovative and more high-performing technology in the surge protector market that led Maxim Beauregard, an electrical engineer and President and CEO of the new company, to take part in the design and development of this unique type of surge suppressor.

Granted through CED's Quebec Economic Development Program, the funding will primarily be used for the acquisition of production equipment (encapsulation molds, an industrial furnace, a resin mixer and computer equipment), and to cover certification and marketing costs (website, promotional tools, exploratory visits and trade fairs). Upon completion, the project will have created three jobs.

The Government of Canada is committed to supporting innovative Canadian businesses. A driving force of the economy, innovation is the key to success because it generates growth that benefits both businesses and communities. This is why we are committed to ensuring that businesses are able to rely on adequate resources to create and market innovative products.

Quotes

"This financial assistance is a prime example of the Government of Canada's support for SMEs aimed at assisting them in their projects and growth strategies. We are proud to support businesses such as Armada Surge Protection, whose drive, audacity and sense of innovation help showcase Canadian know?how on the international stage."

The Honourable Marc Garneau, Minister of Transport

"I am very pleased with the financial support from the Government of Canada, which has chosen to build on the innovative capacity and know-how of this young company. The contribution announced today will allow Armada Surge Protection to prosper and to advance the frontiers of its market, while also contributing to the economic vitality of the region."

Pierre Breton, MP for Shefford

"Through its Innovation and Skills Plan, the Government of Canada has introduced an ambitious approach to support innovative Canadian businesses that are coming up with new ways of creating value, and which are looking to capture new markets. This represents a firm commitment to community prosperity."

The Honourable Navdeep Bains, Minister responsible for CED

"Innovation is the driver of a company's development and success, which is why it is central to our project. Thanks to CED's support, we now have the necessary funding to realize our ambitions. This announcement represents the culmination of years of hard work and will allow us to consolidate our growth prospects."

Maxim Beauregard, President and CEO, Armada Surge Protection

Quick facts

• CED is one of the six regional development agencies under the responsibility of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development.
• This year marks the 50th anniversary of federal regional economic development in Quebec: half a century of concrete action dedicated to the development of the regions and local businesses.
• For more information on CED and its priorities, consult the 2018?2019 Departmental Plan or visit http://www.dec-ced.gc.ca.

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SOURCE Canada Economic Development for Quebec Regions