A Cambridge company that manufactures "shape memory alloy" products for use in medical devices, automotive actuators, clean energy applications and even Wolverine claws, has been given a $1.8 million federal grant to increase its efficiency as it scales up production.
Smarter Alloys Inc. is one of seven innovative Waterloo region companies to receive $9 million from the Federal Economic Development Agency for Southern Ontario, otherwise known as FedDev. The agency says its goal is supporting companies and entrepreneurs as they develop and launch cutting-edge, Canadian-made technologies.
Minister of Democratic Institutions and the minister responsible for FedDev, Ruby Sahota, came to the Region of Waterloo Airport last Friday to announce the funding.
Aviodrone Aerospace Inc. a local company to builds autonomous delivery drones will use its investment to accelerate the commercialization of a zero-emission cargo drone that can carry up to 20 kilograms of commercial defence cargo up to 100 kilometres.
Other recipients include Alchemy, a Kitchener company that will use its $1.8 million grant to commercialize its next generation of longer-lasting and easier-to-install nanotechnology-based windshield protection products for vehicles.
“Local businesses are essential for a strong Canadian economy. Today’s investment will provide these organizations, including Smarter Alloys in Cambridge, with the support that they need to bring made-in-Canada products and solutions to market and create good, well-paying jobs for Canadians,” said Cambridge MP Bryan May in a press release.