Ontario BioAuto Council offers funding (June 22, 2007)
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The Ontario BioAuto Council is inviting manufacturers in the auto, chemical and plastics industry to apply for fund...
The Ontario BioAuto Council is inviting manufacturers in the auto, chemical and plastics industry to apply for funding on projects incorporating bio-based materials of all kinds.
“Biomaterials are experiencing strong growth around the globe[with a] market estimated to reach $50 billion by 2015, the Guelph, Ont.-based council said. The new funding program will lead to global stature for Ontario-based companies, profitability and economic enhancement for the province of Ontario.
The council received $5 million in the most recent Ontario provincial budget, and will contribute in the form of grants or loans ranging from $150,000 to $1 million. Companies are expected to fund 25 per cent of the project costs in cash and a further 25 per cent in-kind. Council funding will amount to 50 per cent. Only projects leading to a fully commercialized product by 2010 will be considered, the council said. Additionally, BioAuto funding is only available to for-profit companies located in Ontario; publicly funded research centres, government agencies, universities and colleges are not eligible applicants.