July 16, 2007

Ontario to establish $650M cleantech fund

OSHAWA, ONT-The Ontario government is setting up a new $650-million fund to support the development of clean and green technologies and businesses within the province. The Next Generation Jobs Fund will make $650 million available to companies looking to invest in the development of clean cars, clean fuels, and clean technologies and products in Ontario. To bid for financial support from the fund, companies will have to demonstrate they can: reduce greenhouse gas emissions; help establish Ontario as a global leader in an emerging market; build on existing expertise in areas in which Ontario has a strong research and commercial base or create new expertise; secure good jobs for Ontarians; and create synergies among researchers, business people and entrepreneurs. The fund will be modelled on the successful $500-million Ontario Automotive Strategy, which has helped leverage over $7 billion in total new auto investments in the province over the past four years.

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