Fibracast receives $10M FedDev Ontario loan
Mar. 31, 2015 – Gary Goodyear, FedDev Ontario minister, along with Member of Parliament for Ancaster—Dundas—Flamborough—Westdale David Sweet, announced a $10-million loan to Fibracast which aims to strengthen the water management infrastructure cluster and grow the clean-tech industrial base in the province.
Fibracast is a Hamilton, Ont.-based manufacturer of advanced membrane technologies used in water treatment.
The repayable contribution, under FedDev Ontario’s Advanced Manufacturing Fund (AMF), will be used to ramp up commercial scale production of Fibracast’s FibrePlate technology. The project will also involve marketing the technology to wastewater treatment plants across North America, Europe and Asia.
“Canadian manufacturers, like Fibracast, are integral to productive manufacturing and creating jobs. Our government is committed to investing in manufacturers to help them become more productive and competitive, which keeps and creates jobs here in this region and across the country,” said Sweet.
“The funding from FedDev Ontario’s Advanced Manufacturing Fund is of great support to Fibracast, as we enter a new, key phase in our company’s growth,” continued John Tomescu, Fibracast CEO. “The Government of Canada’s support will allow us to accelerate the commercialization of our innovative FibrePlate membrane technology, and position Fibracast as a leader in supplying technology for better water across the planet.”