Ontario injection molder gets $1 million loan from province for auto parts line
Ontario-based injection molder Novo Plastics Inc. has received $1 million in support for an innovative car parts line. The money, in the form of a loan facility, is provided by the Ontario Ministry of Innovation through its Innovation...
Automotive: Technology Advances
Injection Molding: Technology Advances
Ontario-based injection molder Novo Plastics Inc. has received $1 million in support for an innovative car parts line. The money, in the form of a loan facility, is provided by the Ontario Ministry of Innovation through its Innovation Demonstration Fund.
The auto part is a plastic muffler that Markham-based Novo says reduces vehicle emissions and noise levels while increasing gas mileage. The product can be used in a wide variety of vehicles ranging from cars to trucks to motorcycles.
“Novo Plastics is honoured to have this vote of confidence from the Government of Ontario,” said Baljit Sierra, Novo Plastics’ president and CEO. “Thanks to this financial assistance, we are now in a position to further execute the demonstration phase of our plastic muffler product and begin planning for full commercialization.
Novo’s plastic muffler prototype systems are currently being tested with major North American auto makers, as well as overseas car, truck and motorcycle companies, including those in emerging markets. The muffler system also recently received recognition from the Canadian Advanced Technology Alliance (CATA) for the most innovative new technology-based product or service.
Founded in 2006, Novo occupies an 80,000-square-foot headquarters in Markham. The company, which employs 70 workers, develops and manufactures under-the-hood, HVAC and motor acoustic components for Tier 1 and OEM automotive customers,