The Honourable Keith Ashfield, Minister of National Revenue, Minister for the Atlantic Canada Opportunities Agency (ACOA), and Mr. Michael McDougall, Team Engineering Lead at Solarvest (PEI) Inc., met today in Charlottetown to announce funding details and tour the Solarvest facility.
"Our Government is committed to initiatives that support our small- and medium-sized business community and continue to fuel the growth of an innovative economy on Prince Edward Island," said Minister Ashfield. "This investment supports Solarvest's innovative research into the development of a unique renewable energy resource."
Solarvest has proprietary technology that, for the first time, enables algae to produce hydrogen in a continuous cycle in a single vessel. It has the potential to produce more hydrogen than existing systems. Solarvest's goal is to further develop and scale up its algal-based, "green" system for commercial hydrogen production. The hydrogen could be used as a "gas" or used on algae farms to produce electricity.
"The support of the Federal Government through programs like the ACOA Business Development Program has enabled us to pursue this extremely exciting renewable energy opportunity, which may have otherwise been impossible," said Mr. McDougall. "In order to reduce our dependence on oil, we must develop a sustainable substitute, and have the time to implement it."
The Government of Canada is investing $377,927 in this research and development project through ACOA's Business Development Program. Solarvest (PEI) Inc. is investing over $235,000.
See Also :
Solarvest BioEnergy Establishes R&D Agreement With Dalhousie University
No comments:
Post a Comment