Canada Economic Development

Canada Economic Development

March 29, 2011 15:07 ET

In Another Show of Support for Quebec, Government of Canada Grants $45 Million in Funding to the Institut national d'optique

QUÉBEC CITY, QUÉBEC--(Marketwire - March 11, 2011) - Acting on behalf of the Honourable Denis Lebel, Minister of State for Canada Economic Development, the Honourable Josée Verner, Minister of Intergovernmental Affairs, President of the Queen's Privy Council for Canada, Minister for La Francophonie and Minister responsible for the Québec region, today announced that the Government of Canada will be awarding $45 million in non-repayable funding to the Institut national d'optique (INO).

"Our government's number one priority is to stimulate the economy and it is without hesitation that we support the INO. This major investment we are announcing today will enable the Québec region to further its development as a national centre of excellence in technological research and development, especially in the field of optics and photonics," stated Minister Verner.

"For the past 20 years, the INO has been fulfilling its mission to improve the standing of Quebec and Canadian enterprises by giving them access to optics and photonics technology and expertise," explained INO Chief Executive Officer Jean-Yves Roy. "This announcement from the Government of Canada of $45 million in funding over five years will allow our enterprise to continue delivering compelling results in the Québec region and the country as a whole."

Granted through Canada Economic Development's Business and Regional Growth program, this financial assistance will enable the organization, whose mission is to promote business competitiveness, to pursue its innovation commercialization and technology transfer activities.

"It is important to support initiatives like this INO project in that they seek to transmit concrete knowledge to the enterprises benefiting from these technology transfers," added Minister of State Lebel.

The INO's research activities have given rise to numerous new enterprises in the greater Québec region. Since its creation, the organization has signed more than 4,000 contracts for Quebec and Canadian companies of all sizes operating in a variety of industrial sectors. It has promoted the emergence of 26 spin-off companies, conducted some 40 technology transfers and secured more than 120 patents. Over the next five years, the INO expects to spin off six new enterprises and carry out an additional 15 technology transfers.

Over the years, the INO has distinguished itself as a leader in its field and built a solid reputation on the national and international levels as a result of its technological breakthroughs and development of innovative processes and applications integrating optics and photonics.

The awarding of this federal assistance is subject to compliance with the Government of Canada's funding allocation process and to the signing of a contribution agreement between Canada Economic Development and the INO.

The Government of Canada funds organizations, enterprises and industries that play a key role in the economic life of the country, its cities and its regions. Since the INO's establishment, the organization has received more than $90 million in financial assistance from the Government of Canada.

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