November 27 (Renewables Now) - The Canadian government is investing CAD 9.5 million (USD 7.5m/EUR 6.3m) in two Toronto companies for the development of solar power and energy storage technologies.
The investment will go towards products by Morgan Solar Inc based on the company's planar optical technology, which reduces the amount of expensive material needed in solar panels, said Sustainable Development Technology Canada (SDTC), through which the projects are funded. One such product is a translucent high-efficiency solar panel for buildings, while the other could become the lowest cost panel globally for utility-scale plants, it added.
The other company funded is NRStor Inc, which is proposing to store energy as compressed air and heat.
The investment was announced on Friday by Ahmed Hussen, minister of immigration, refugees and citizenship, on behalf of the minister of innovation, science and economic development, Navdeep Bains. The Canadian government invests in clean technology as part of its Innovation and Skills Plan, which from 2017/18 is providing CAD 1.4 billion in growth capital and project finance for clean technology producers.
(CAD 1 = USD 0.788/EUR 0.660)