Canadian Government Invests $100 Million in B.C. Firms for Hydrogen Fuel and Biomanufacturing Facilities
Key Ideas
- The federal government of Canada is investing nearly $100 million in two B.C. firms for the development of a hydrogen fuel facility and two biomanufacturing facilities for vaccines and treatments.
- HTEC, a hydrogen energy firm in North Vancouver, will receive $49 million to establish a facility converting industrial byproduct hydrogen into fuel, contributing to a hydrogen fuel station network between B.C. and Alberta.
- Burnaby-based STEMCELL Technologies will receive $49.9 million to build two biomanufacturing facilities to enhance the production of specialized inputs crucial for vaccines, therapies, and diagnostics.
- The funding from the federal Strategic Innovation Fund aims to boost innovation, production capacity, and address the raw material needs for large-scale manufacturing of biotechnology products.
The Canadian federal government has announced a significant investment of nearly $100 million in two British Columbia (B.C.) companies to support the construction of a hydrogen fuel facility and two cutting-edge biomanufacturing facilities for vaccines and other treatments. The Ministry of Innovation, Science, and Industry has allocated $49 million to HTEC, a hydrogen energy firm in North Vancouver, to establish a facility that will convert industrial byproduct hydrogen into fuel. This initiative is part of HTEC's plan to create a hydrogen fuel station network connecting B.C. and Alberta. The provincial government and the Canada Infrastructure Bank have also provided support to this project. Additionally, STEMCELL Technologies, based in Burnaby, will receive $49.9 million to build two biomanufacturing facilities aimed at increasing production capacity for specialized inputs crucial in the development and manufacturing of vaccines, therapies, and diagnostics. The founder of STEMCELL Technologies, Dr. Allen Eaves, emphasized that this funding will address the raw material gap required for large-scale manufacturing of vaccines and biotechnology products. The federal funding, sourced from the Strategic Innovation Fund, underscores the government's commitment to fostering innovation, enhancing production capabilities, and supporting the growth of key industries in Canada.