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January 24, 2005
New Centre for Energy to receive $8M as part of Centres of Excellence
TORONTO, ONT-The Ontario government will invest $8 million over four years in a new Centre for Energy, formally established earlier this month within the Ontario Centres of Excellence (OCE) program. As the first new Centre of Excellence launched in Ontario since 1987, it responds to a key recommendation in the January 2004 report of the Electricity Conservation and Supply Task Force. The Centre for Energy will work within the OCE's unique model of economic development, in which the OCE moves laboratory discoveries quickly into the marketplace by acting as the primary bridge between Ontario's academic researchers and private sector companies in the province. During the year ended March 31, 2004, OCE linked nearly 800 Ontario companies to nearly 4000 academic researchers at more than 20 post-secondary institutions. Intellectual property created by OCE's projects during that year also attracted $24 million in investment from private capital markets. Beginning this spring, 2005, the new Centre for Energy will use the same model to: accelerate the development of new energy technologies; help integrate new technologies into the energy system; and help industry develop information systems to manage energy markets. The new Centre for Energy will be "virtual," operating with only a small staff, based in Toronto, and building on a wide range of energy-related projects already underway across the Centres of Excellence program.