Investment will help create 566 jobs and produce new energy-saving technology solutions
OTTAWA, Nov. 14, 2018 /CNW/ - The Government of Canada is continuing to invest in the technology and manufacturing of innovative companies to create good middle-class jobs and ensure that Canada punches above its weight in a competitive global market.
Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, announced a $20-million investment in Ranovus, an Ottawa-based leader in the development of cost-efficient energy connectivity solutions for data centres and communications networks.
As a result of this project, Ranovus will create a brand new facility in Ottawa and bring back to Canada the advanced manufacturing and testing of its products. The funding also supports the company's development of next-generation data centre infrastructure that will double data processing capacity while significantly reducing its environmental impact and cost.
Thanks in part to this funding, Ranovus will invest $220 million in R&D, implement inclusive hiring practices as it grows its workforce, and develop and retain intellectual property in Canada. In addition, by anchoring its advanced manufacturing in Canada, Ranovus will also expand its collaborations with private companies, post-secondary and research institutions, and not-for-profit organizations to generate further innovation and build an ecosystem for data centre connectivity solutions.
The federal investment is being made through the $1.26-billion Strategic Innovation Fund, a program designed to attract and support high-quality business investments across all sectors of the economy by encouraging R&D that will accelerate the transfer of technology and the commercialization of innovative products, processes and services and that will facilitate the growth of innovative firms.
"Our government's commitment to advanced manufacturing means companies like Ranovus are moving jobs and infrastructure back to Canada from overseas. This project demonstrates the exciting possibilities and solutions to real-world problems that innovative Canadian companies are focused on. Today's investment in Ranovus is creating hundreds of good middle-class jobs, contributing to economic growth, and positioning Canada as a world leader in the development and manufacturing of cutting-edge data centre products."
? The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
"We are delighted to be recognized by the Government of Canada as a change agent to resurrect Canadian leadership in the area of high-speed communication for 5G mobility and data centre applications. As we are a Canadian-owned company, our core technologies and capabilities in silicon quantum photonics will be fully leveraged to the benefit of Canada. We are set to expand our collaborations with universities and research organizations to provide a more impactful outcome for Canada whilst providing exciting career opportunities across all our business areas."
? Hamid Arabzadeh, Chairman and CEO, Ranovus
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SOURCE Innovation, Science and Economic Development Canada
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