SAINT-ROMUALD, QUEBEC--(Marketwired - April 3, 2013) - The Honourable Steven Blaney, Minister of Veterans Affairs and Minister for La Francophonie, today announced on behalf of the Honourable Denis Lebel, Minister of Transport, Infrastructure and Communities, Minister of the Economic Development Agency of Canada for the Regions of Quebec and Minister of Intergovernmental Affairs, that the firm Norax Canada Inc. has been granted financial assistance to commercialize a materials heating innovation.
"Our Government is giving a real boost to innovation, and thereby economic growth, today by lending its support to Norax Canada Inc.," said Minister Blaney.
Norax Canada Inc. designs and manufactures induction heating systems introducing an innovative patented technology. The company's products are used in the mining and automotive industries, research and university centres, smelters, and in the military and fiber optics sectors. Induction heating rapidly heats materials to a temperature of more than 1000 degrees Celsius per second.
These funds from the Government of Canada enabled the company to develop the material necessary to promote a universal annealing system as well as meet with potential clients across North America.
"Our Government remains focused on four priorities, as outlined by the Prime Minister, that Canadians care most about: their families, the safety of our streets and communities, their pride in being a citizen of this country, and of course, their personal financial security," concluded Minister Blaney.
This $50,000 in repayable funding has been awarded under Canada Economic Development's Business and Regional Growth program.
Keep up with the latest news from Canada Economic Development by visiting www.dec-ced.gc.ca or subscribing to @CanEconDev on Twitter.