Subjects: ECO, CFG
Government of Canada supports WattByWatt and its renewable energy solution
Innovative Laval business receives $975,000 in financial assistance from CED.
LAVAL, QC, Feb. 7, 2025 /CNW/ - Canada Economic Development for Quebec Regions (CED)
Supporting business innovation contributes to economic development in Quebec's regions. That is why Annie Koutrakis, Member of Parliament for Vimy and Parliamentary Secretary to the Minister of Tourism and Minister responsible for CED, today announced a repayable contribution of $975,000 for WattByWatt. This CED support will enable the start-up to increase its production capacity.
Created in September 2020, WattByWatt is an innovative business specializing in the production of renewable energy technology solutions. It has developed synthetic perovskite modules whose photovoltaic capacity makes it possible to convert solar and artificial light into electrical energy to recharge or power batteries such as those in electronic devices and smart card readers. The modules function indoors and outdoors and are more efficient and less costly to produce than traditional silicon-based solar cells.
CED's support will enable the start-up to acquire automated production equipment and develop the capacity to produce at a large scale with more stable manufacturing processes, while also expanding its range of products.
The Government of Canada recognizes and supports businesses and organizations that are a source of pride in their communities. Quebec's economic growth relies on organizations with strong roots in the regional economy; they are key assets in building a sustainable, inclusive economy.
Quotes
"Our government is proud to support projects that will dynamize the Laval region. I am delighted to note that the funding granted to WattByWatt will enable the business to take a new step forward in its growth: It will be able to continue to innovate and develop its renewable energy technology solution. This investment will increase its productivity considerably, and this is excellent news for our region's economy."
Annie Koutrakis, Member of Parliament for Vimy and Parliamentary Secretary to the Minister of Tourism and Minister responsible for CED
"We are delighted to receive this support from Canada Economic Development for Quebec Regions, which arrives at a key moment for WattByWatt. This contribution will enable us to optimize our development and strengthen our business strategy and partnerships for the renewable energy market. Thanks to our innovative technology, we can generate energy both from artificial light and by drawing on the solar spectrum, as conventional photovoltaic solutions do. Integrating it in tandem with silicon also opens up new marketing perspectives that are promising. This funding will without a doubt accompany the large-scale deployment of our perovskite-based technology."
Riad Nechache, Chief Executive Officer, WattByWatt
Quick facts
- Funding has been provided under CED's Regional Growth through Innovation program. This program targets entrepreneurs leveraging innovation to grow their businesses and enhance their competitiveness, as well as regional economic stakeholders helping to create an entrepreneurial environment conducive to innovation and growth for all, across all regions.
- In Quebec, SMEs account for 99.7% of the province's businesses and 50% of its GDP.
- CED is the key federal partner in Quebec's regional economic development. With its 12 regional business offices, CED accompanies businesses, supporting organizations and all regions across Quebec into tomorrow's economy.
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SOURCE Canada Economic Development for Quebec Regions
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