Fibracast receives $10M FedDev Ontario loan

Tuesday March 31, 2015
Written by
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.”

Add comment


Security code
Refresh

Subscription Centre

 
New Subscription
 
Already a Subscriber
 
Customer Service
 
View Digital Magazine Renew

We are using cookies to give you the best experience on our website. By continuing to use the site, you agree to the use of cookies. To find out more, read our Privacy Policy.