Fibracast Ltd Receives Government Support

A local company's search for new ways of purifying water is getting a $10-million boost from the federal government

Fibracast Ltd. will use the federal loan to get its fibre-based filtration system to market where supporters say it will be a "game changer."

The money is from the Advanced Manufacturing Fund of FedDev, the Federal Economic Development Agency for Southern Ontario.

FedDev Minister Gary Goodyear said companies such as Fibracast are the future of advanced manufacturing.

"We are supporting companies that will take our economy into the future and Fibracast is one of those companies," he told a small gathering at the site. "Fibracast represents the future of what advanced manufacturing looks like."

FibrePlate is a hybrid technology combining both flat-plate and hollow-fibre methods of straining out impurities such as bacteria, viruses and other contaminants from water.

Steve Watzech, CEO of parent company Anaergia Group, said Fibracast plans to build what will be the largest and most advanced filtration technology manufacturing plant in the world.

"This is a great example of how industry and government can partner to produce game-changing technology," he said.

Fibracast employs 15 people and expects to add 64 as production and sales ramp up. A second phase is expected to add another 120 jobs.

After the formal presentation, Goodyear said backing such promising companies with public money is all part of the government's effort to create a business-friendly environment in Canada.

"This is an opportunity to build on Ontario's strength in water technology," he said. "What we're able to do with this funding is … help a company grow, create jobs and the taxpayer gets their dollars back so we can continue to do it and keep taxes low."

Jayson Myers, president of Canadian Manufacturers and Exporters, said Fibracast's technology is in demand around the world, and that's just the kind of business the federal government should support.

"We've been able to take that technology around the world. When you get a new technology like this, embed it in a real product and sell it around the world it's not just creating jobs, it's solving one of the major problems of the world," he said.

Source: insideHalton

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Taxonomy

• Manufacturer
• Purification
• Filtration
• Financing