VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 15, 2013) - Dirty ship hulls slow down ships and increase fuel consumption, not to mention the 39 percent of invasive marine species that arrive in ports on the hulls of ships. Vancouver's Whale Shark Environmental Technologies is tackling this issue head on and today received a $646,000 investment from Sustainable Development Technology Canada (SDTC) for its machine that will clean and collect matter from ships' hulls before returning filtered water back into the sea.
"Our Government is doing its part to encourage innovation and the next wave of clean technologies to help protect our environment and create high-quality jobs," said the Honourable Joe Oliver, Canada's Minister of Natural Resources. "Investment in projects such as these demonstrates our leadership in driving a vibrant clean technology industry in Canada."
"Whale Shark Environmental Technologies is very pleased to receive this $646,000 investment from SDTC in our hull-cleaning technology," said Vincent Cummings, CEO. "Clean hulls mean reduced fuel consumption, reduced emissions for operators, improved travel times and a reduction in invasive marine species polluting our ports. SDTC's investment will allow us to further develop this clean technology for use in Canadian ports and ports around the world."
Whale Shark Environmental Technologies (WET) conservatively estimates that its hull cleaning technology could produce a 5% fuel savings over 220 operating days per year, thereby reducing fuel costs by $1,750 per day or $385,000 per year per ship. The resulting indirect greenhouse gas (GHG) reductions in the year 2020 is estimated at 21.1 kilo tonne per year (kt/yr) in Canada with associated clean air reductions of particulate matter of 14.8 tonnes per year, nitrogen oxide (NOx) by 247 tonnes per year (t/yr) and sulphur oxides (SOx) by 77.9 tonnes per year.
For this project, WET is part of a consortium with All-Sea-Enterprises Ltd., Underwater Contractors Spain, SL, Ballard Diving and Salvage and Westwood Shipping.
Today's funding announcement is part of $61.8 million to help 23 new clean technology projects from across the country reach commercialization as part of the Harper Government's commitment to stimulating innovation and job creation.
"SDTC is proud to add this project to its portfolio, now valued at more than $2 billion. When purchased and used by Canadian industry, the clean technologies developed by portfolio companies will enable a variety of sectors to increase their share of global markets," said Dr. Vicky Sharpe, President and CEO of SDTC. "As Canada works to diversify its export markets, working with new trading partners in emerging countries, these innovative technologies will help make Canadian natural resources and products more globally attractive and competitive."
About Whale Shark Environmental Technologies
Whale Shark Environmental Technologies is a Vancouver company dedicated to reducing environmental threats by applying proprietary technology in marine environments in a commercially sustainable manner. We strive to combine intellectual capital and responsible business practices to support sustainable operations for our clients and superior returns for our investors.
On behalf of the Government of Canada, Sustainable Development Technology Canada helps commercialize Canadian clean technologies, readying them for growth and export markets. With a portfolio of companies under management valued at more than $2 billion, SDTC is positioning cleantech as a driver of jobs, productivity and economic prosperity.
SDTC operates two funds aimed at the development and demonstration of innovative technological solutions. The $590 million SD Tech Fund™ supports projects that address climate change, air quality, clean water, and clean soil. The $500 million NextGen Biofuels Fund™ supports the establishment of first-of-kind large demonstration-scale facilities for the production of next-generation renewable fuels.
SDTC works with the private sector, the financial sector and all levels of government to meet the Government of Canada's commitment to create a healthy environment and a high quality of life for all Canadians. SDTC operates as a not-for-profit corporation.