NRC IRAP Grants $6M in R&D Funding for Next Gen Marine Tech
Corvus Energy is a leading supplier of energy storage systems (ESS) for almost every vessel type by equipping them with modular lithium ion battery systems. They pride themselves as the world’s premier provider of safe innovative and reliable energy storage solutions in each segment of the maritime industry, ranging from boats as large as cruise ships, fishing vessels, and oil and gas rigs to as small as tugboats and work boats.
Corvus Energy is set to receive $6 million from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP)
The research and development grant will be put towards a multi-year R&D project that aims to reduce overall carbon emissions by developing a more energy-efficient version of their products. This project will be done in the Corvus Energy main research, engineering, and product development centre located in Richmond, British Columbia, Canada.
What Will Corvus Energy Do With This Government Grant for Innovation?
According to an article from phys.org, the Maritime industry requires roughly 300 million tons of fuel and produces 3% of the world’s carbon dioxide emissions, which is roughly the equivalent carbon footprint of all of Germany.
The goal of this marine tech funding project is to develop more energy-efficient versions of their ESS products in order to reduce overall emissions in the maritime industry.
Geir Bjørkeli, CEO of Corvus Energy, had this to say: “With decarbonization efforts intensifying globally, Corvus continues investing in innovative products and services to remain at the forefront of evolving energy conservation and emissions reduction practices in the marine industry.”
About NRC IRAP Research Funding
The NRC IRAP program was designed by the Canadian Government to help innovative Canadian businesses accelerate their research and development projects in order to bring innovative new products to market.
The need for R&D funding comes from businesses like Corvus Energy that have clearly identified a need for innovation in their industry but lack the necessary resources to develop a solution.
How Your Business Could Be Eligible for NRC IRAP
NRC IRAP can provide businesses with funding to offset up to 60-80% of eligible labour and consulting costs, to a maximum of $10M.
Check out another blog on R&D research where a Burlington-based business was able to receive $1.2 million in NRC IRAP grant money to help fund an innovative new potato line.
If your company is interested in learning more about IRAP and whether this program is the right fit for your research and innovation projects, please download Compare and Contrast IRAP and SR&ED.