Today I joined David Lametti, Parliamentary Secretary for Innovation, Science and Economic Development, at Ranovus Inc., in Nepean to announce a $5.5 million investment in this local business. The investment is part of $8 million in funding under Sustainable Development Technology Canada for clean technology projects in Ontario.
The remaining funding will provide $1.45 million for Heliene Inc., of Sault Ste. Marie Ont., which has developed technology to make solar power more reliable and affordable; and $903,000 for BioLINE Corp., of London Ont., which has found ways to take the biowaste from mushroom farms and convert it into valuable fertilizer.
Ranovus is a Nepean-based industry leader in telecommunications technology and is developing technology to make cloud computing more energy efficient. It was founded by president and CEO Hamid Arabzadeh in 2012.