Global market for clean techology and services expected to grow to $3 trillion by 2020
British Columbia says it is taking action to help clean technology companies expand exports into global markets, Bruce Ralston, Minister of Jobs, Trade and Technology, announced Monday.
The Province is investing more than $711,000 over the next three years in the Alacrity Foundation of B.C.’s Cleantech Scale-Up program. The program guides growing companies in generating new international business opportunities, and promotes investment in B.C. clean tech companies.
“B.C.’s globally recognized innovation in clean technology is a promising area for growth and investment, and it’s also an area that’s working toward protecting us against the intensifying effects of climate change,” said Ralston.
“By supporting Alacrity’s B.C. Cleantech Scale-Up program, clean tech companies that are ready for growth will get the mentorship they need to grow, create new jobs and become profitable businesses that are working toward a more sustainable planet.”
B.C.’s support for Alacrity’s program matches federal funding from Western Economic Diversification Canada, along with funding contributions from Export Development Canada and Alacrity.
The B.C. Cleantech Scale-Up program has reached the end of a successful three-month pilot phase. Over the next three years, Alacrity aims to generate $20 million in direct foreign investment into B.C. clean tech companies and $20 million in export revenue.
Over 270 clean tech companies in B.C. account for 25 to 30 per cent of Canada’s clean tech sector, generating more than $2.9 billion in annual revenue. The global market for clean tech and services is expected to grow to $3 trillion by 2020, demonstrating room for this sector to expand, according to the release.
“Success in the global clean tech marketplace requires talent, access to resources and a range of support from the community,” said Navdeep Bains, federal minister of Innovation, Science, and Economic Development and minister responsible for Western Economic Diversification Canada.
“That’s why the Government of Canada is proud to support the Alacrity Foundation of B.C. as an important partner in connecting entrepreneurs with investors, to driving innovation and growing the clean tech cluster in British Columbia.”
Many of B.C.’s clean tech companies are close to market ready, and need additional support to reach the next level of success.
With the mentorship that Alacrity provides, companies will develop investment, business and marketing strategies to make themselves known, boost sales and access global markets, ultimately creating jobs for people throughout B.C.
“With the support of the Province and its funding partners, the Alacrity Foundation of B.C. will be able to provide clean tech companies a number of services they need to be competitive at home and abroad,” said Owen Matthews, chairman of Alacrity Canada.
“Alacrity will help connect companies in the clean tech industry to customers and investors, bringing B.C. innovation to the global marketplace and contributing to a cleaner environment for future generations.”