Ottawa-based Ranovus Corp. was among three companies to receive a total of $7.85 million in funding from Sustainable Development Technology Corp., the federal government announced on June 19.
Ranovus, which is exploring ways to reduce the amount of electricity required for companies to store information in the cloud, took home the lion’s share of the investment at $5.5 million. The money Ranovus received represents an additional investment from SDTC. The government clean technology financing arm granted the company $7.9 million in 2013 for its work in trying to make cloud-based data storage more energy efficient. The 2013 funding saw leveraged of $17.6 million for a total project value of $25.5 million.
The Ranovus technology is critical to improved energy performed in datacenters. The company’s approach uses a single device capable of replacing the conventional multiple device approach, therefore lowering datacenter power consumption.
Heliene Inc., a Canadian manufacturer of solar panels developing a way to make solar power more reliable and affordable, and BioLINE Corp., a company that has developed a method of taking biowaste from mushroom farms and convert it into fertilizer, were the other two companies to get SDTC funding.
“From energy to agriculture, these companies demonstrate the strength and range of Ontario clean tech. The technologies they are building will deliver real environmental and economic benefits to Canadians,” said Leah Lawrence, president and CEO at SDTC.