Innovative companies based in Delta, BC receive more than .6 million to expand production of recycled plastic and energy monitoring technology

Innovative companies based in Delta, BC receive more than $1.6 million to expand production of recycled plastic and energy monitoring technology

Funding from PacifiCan will help develop new products and drive the growth of two innovative BC companies.

DELTA, BC, March 15, 2024 /CNW/ – The City of Delta has one of the fastest growing industrial zones in Greater Vancouver and is home to innovative companies such as Plascon Plastics Corporation and GridGear Solutions Ltd. By developing solutions to environmental challenges, these two companies are poised for further growth.

Innovative companies based in Delta, British Columbia receive more than $1.6 million to expand production of recycled plastic and energy monitoring technology (CNW Group/Pacific Economic Development Canada)

Innovative companies based in Delta, British Columbia receive more than $1.6 million to expand production of recycled plastic and energy monitoring technology (CNW Group/Pacific Economic Development Canada)

PacifiCan is here to help British Columbia businesses grow locally and compete globally. That is why today the Honorable Carla Qualtrow, Minister for Sport and Physical Activity and Member of Parliament for Deltaon behalf of the Honorable Harjit S. Sajjan, Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), announced $1,628,450 in funding Plascon Plastics and GridGear through the Business Expansion and Productivity Programme.

Plascon Plascon will receive 1.2 million dollars to expand its production capacity for sustainable plastic injection molding. Injection molding is a process for producing parts by injecting molten plastic into a mold. Plascon Plastics innovates the use of post-consumer recycled materials such as recycled plastic, used car tires and carpet fibers in the injection molding process. Funding from PacifiCan will allow Plascon Plastics to purchase new equipment and molds, hire more employees and increase product offerings, including the development of a 4.15-gallon clear bucket not currently available in North America.

Minister Quatrow also announced $381,750 in funding GridGear, a maker of electricity metering technology. Sub-metering technology allows users to better understand energy consumption and helps them reduce energy consumption to reduce costs. With PacifiCan’s support, GridGear will expand production and commercialize its next-generation submetering technology. This new technology will allow GridGear to offer its products to industrial customers who need a submeter that can operate at higher voltages.

The projects announced today align with PacifiCan’s interests in promoting advanced manufacturing and clean technologies in British Columbia. They drive innovation, revenue growth and job creation, supporting PacifiCan’s vision of lasting prosperity for all British Columbians.

Quotes

British Columbia is a center for clean technology innovation. GridGear Solutions and Plascon Plastics are great examples of local companies building a cleaner, more sustainable future in British Columbia and beyond. PacifiCan is a proud partner in supporting businesses that make a difference.”

– The Honorable Harjit S. Sajjan, Minister of Emergency Preparedness and Minister in Charge of the Pacific Economic Development Agency Canada (PacifiCan)

Delta is home to hard-working entrepreneurs who are leading the way in creating innovative new products to solve today’s environmental challenges. Funding from PacifiCan will enable Plascon Plastics and GridGear Solutions to seize the opportunity and realize their ambitions, further cementing of Delta place as a leader in the growth of British Columbia’s economy.”

– The Honorable Carla Qualtrow, Minister for Sport and Physical Activity and Member of Parliament for Delta

“Our focus on new product development and innovation to help customers reduce energy consumption is our core mission as an organization. With PacifiCan’s help, we’ve expanded our innovation efforts and are excited to help new customers around the world reduce their electricity consumption to create a brighter future.”

– Colton Gabara, Director of Operations, GridGear Solutions Ltd.

Fast facts

  • The global plastic injection molding market was valued at 183 billion US dollars in 2022 and is expected to grow at a compound annual growth rate of 4.8% to 266 billion US dollars by 2030

  • Studies have shown that the installation of secondary metering technology in the multi-residential sector has reduced electricity consumption by 34% for buildings without electric heating and by 27% in buildings with electric heating.

  • PacifiCan is the dedicated federal economic development partner for British Columbians. PacifiCan helps British Columbia businesses grow locally and compete globally, creating quality jobs, connecting industry leaders and supporting an inclusive economy that benefits all British Columbians.

  • PacifiCan’s Business Expansion and Productivity Program supports high-growth businesses (at least 20% year-over-year revenue growth) that scale and produce innovative goods, services or technologies. It offers interest-free, repayable financing to registered businesses.

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SOURCE Pacific Economic Development Canada

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