Firan Technology Group Corporation Receives Over $7M to Improve Canada’s Aerospace Industry
On June 30, 2022, a Southern Ontario Aerospace company called Firan Technology Group (FTG) received funding from the Canadian government to improve Canada’s Aerospace industry. The investment was made by FedDev Ontario, an economic development agency, via the Aerospace Regional Recovery Initiative (ARRI).
“Small- and medium-sized aerospace businesses have an important role to play in southern Ontario’s economic recovery, which is why the Government of Canada is committed to supporting these businesses and protecting the thousands of workers this sector employs. Businesses like Firan Technologies Group Corporation are helping strengthen our region’s economy, while ensuring the industry remains competitive and creating good jobs locally.”-The Honourable Helena Jaczek, Minister, Federal Economic Development Agency for Southern Ontario
This ARRI initiative allotted over $7 million dollars for FTG to help establish Canada as a leader on the global stage for the aerospace industry by focusing on creating and retaining well-paying jobs and developing clean technology that will improve the sustainability of this large industry.
“Today’s investment in Firan Technology Group Corporation is great news for the local aerospace sector in Scarborough. Not only is the company greening operations to reduce its environmental footprint, it is also supporting nearly 300 local jobs and setting the groundwork to ensure it remains competitive for years to come.”-Shaun Chen, Member of Parliament for Scarborough North
How Will FTG Use the Aerospace Regional Recovery Initiative (ARRI) Investment?
Firan Technology Group (FTG) is based out of Scarborough, Ontario, and offers deliverables such as aerospace design, product development, prototypes, and manufacturing solutions for aerospace and defense electronics. Their ARRI investment will be used to acquire automation equipment that will help with output efficiencies to reduce the environmental impact of production, notably the amount of water and other energy needed to produce products and systems. Moreover, FTG plans to use the funding to create and maintain nearly 300 jobs in the southern Ontario region, which will help stimulate the local economy.
“FTG has a proven track record of growth resulting from investments in people, processes and tools. The pandemic made for challenging times in the aerospace sector, but the recovery has started. With the help of the ARRI funding, FTG will accelerate its investment in its Canadian businesses to get back on a strong growth trajectory to the benefit of all stakeholders including customers, employees, suppliers and the Canadian economy.”-Brad Bourne, President and CEO, Firan Technology Group Corporation
More About the Aerospace Regional Recovery Initiative (ARRI)
The Aerospace Regional Recovery Initiative (ARRI) strives to support projects within the aerospace industry such as a transition to more green operations, accelerating productivity via technology, and improving the commercialization of products.
Successful applicants for the ARRI program may receive up to a maximum per-project allotment of $10 million, with a total of $250 million in funding committed to the program. Funding may be provided in either repayable or conditionally repayable packages.
To be eligible for ARRI funding, applicants must be a Canadian company that is operating within the aerospace industry. Applicants must be a small to medium-sized enterprise (SME). Not-for-profit and Indigenous organizations that provide services to SMEs are also eligible.
For a project proposal to qualify for ARRI funding, it must meet at least one of the three eligible activities:
- Adopting greener operations practices;
- Improving productivity outputs; or
- Improving the commercialization of goods and services.
The ARRI program has a continuous intake until funding is fully committed or the program expires on March 31, 2024.
More Government Funding Opportunities for Canadian Technology Companies
Although the ARRI program offers significant opportunities for Canadian businesses, there are other programs, such as the Sustainable Development Technology Canada initiative to help fund your next project.