The Canadian government has made a CA$4.8M investment in Mississauga-based Stromcore Energy Inc.
Founded in 2016, Stromcore Energy is an innovative clean technology company specializing in design and manufacturing of intelligent lithium-ion batteries. The company claims its batteries exhibit up to 50 percent greater efficiency compared to similar products in the market. It specifically manufactures batteries for industrial forklifts used in warehousing and distribution sectors.
In 2021, the company was one of the winners in Deloitte’s prestigious Technology Fast 50 Challenge.
Honourable Filomena Tassi, Minister for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), made the announcement. This investment in Stromcore Energy Inc. is expected to facilitate the integration of new advanced manufacturing equipment. In addition, it will help in the launch of two groundbreaking products and the implementation of green practices.
“Businesses in Ontario are leading the way in modernizing and developing new processes, technologies and products that will build a strong green economy. Our Government’s $4.8-million investment in Stromcore Energy Inc. underscores our commitment to helping businesses reach their potential as they move toward innovative green solutions and create good jobs across our province.”
Filomena Tassi, Honourable Minister for FedDev Ontario
Also read: Canadian cleantech startup Peak Power to get US$35M more funds
Stromcore Energy to use funding to focus on innovation & commercialization
With the funding, Stromcore Energy aims to leverage advanced manufacturing technology and equipment to introduce two highly innovative energy-efficient products. These include Turbo Bank, an AI-powered charger with enhanced efficiency, and Electric Cart, a zero-emission e-forklift developed alongside Amazon. These products offer fast-charging capabilities and are suitable for colder environments, optimizing productivity while promoting sustainability.
The investment will also support the expansion of Stromcore’s operations, leading to the creation of 18 new jobs and strengthening global competitiveness. Additionally, the company will contribute to the sustainable recycling of electric batteries, aligning with the principles of a circular economy.
“The FedDev Ontario support will accelerate the commercialization of our new product innovations and allow significant efficiency gains in the process. The rapidly growing Stromcore team welcomes this project with excitement and anticipation.”
Maxime Vidricaire, Chief Business Officer, Stromcore Energy Inc.
Through FedDev Ontario, the Canadian government has invested more than CA$320 million since 2015 in over 145 clean technology initiatives. The news release claims that this resulted in the creation of close to 10,000 jobs and the preservation of more than 7,000 jobs. Of this, CA$105 million was invested in over 160 projects in Mississauga, supporting 8,000 employment and developing 1,300 new ones.
