Canada is one of the world’s wealthiest countries in terms of natural resources. Industry Canada, in an effort to preserve these natural resources and promote sustainability, is providing Canadian businesses with funding support to help commercialize next generation renewable fuels and co-product technologies.
Who is it for?
The NextGen Biofuels Fund is for any Canadian research and development project relating to large-scale commercialization of innovative renewable fuel technology. The majority of current generation biofuels are starch-based, relying on crops such as corn and wheat. Industry Canada is searching for a more sustainable metric that does not demand as much energy to produce or contribute to fluctuations in food prices and supply.
What does it cover?
The $500 million fund size contributes 40% of eligible project costs up to $200 million. Costs can be incurred from the time that the project is accepted until March 31, 2017. This support is given on a repayment term, where applicants pay back the funding via general cash flows after project completion. Eligible costs, as outlined by Industry Canada, include:
- Costs for initial project definition and assessment (e.g. to confirm project parameters, investment level requirements, market and environmental impacts);
- Contract costs for design, engineering, procurement and construction services;
- Costs associated with environmental assessments;
- Costs for production systems and equipment, including monitoring and tracking systems;
- Salary costs for design, engineering, procurement and construction;
- Salary and contract costs for implementing and commissioning;
- Project management and related administrative costs; and,
- Costs related to project reporting.
[Source: Industry Canada]
The registration process is currently open. Interested biofuel companies are encouraged to apply today in order to help finance the commercialization of their new technologies. If you would like more information on how to complete the application process, please contact Mentor Works.