A North Vancouver technology company that builds hydrogen fuelling facilities is among 17 B.C. businesses that will receive up to $39 million in federal loans to help them expand and grow.
As part of that, Hydrogen Technology & Energy Corporation, based in North Vancouver, will receive an $875,000 loan to develop a next-generation hydrogen fuel delivery system.
Federal minister of Innovation, Science and Economic Development Navdeep Bains made the announcement at a stop in North Vancouver Friday.
The North Van company will use the federal funds to develop its PowerCube hydrogen module, which can delivery high-pressure hydrogen to retail fueling stations or act as a stand-alone fueling station for heavy-duty transport.
The funding will allow the company to refine its existing technology to support recently announced projects in Edmonton and the Port of Los Angeles, according to a press statement, generate more employment and maintain a competitive edge as the hydrogen fuel cell electric vehicle market develops.
Hydrogen-powered cars, trucks and buses are expected to grow in popularity in coming years as consumers, businesses and governments aim to meet zero-emission vehicle and climate change goals.
The B.C. government recently announced it would require all new light-duty cars and trucks sold in the province to be zero-emission by the year 2040.
The North Vancouver company’s mission is to harness hydrogen’s potential by building hydrogen supply stations to support the developing industry.
Terry Beech, MP for Burnaby North-Seymour, who attended the announcement, described the local company as just one of many examples of forward-thinking businesses in the community.
The loans are being provided as part of Western Diversification’s Business Scale Up and Productivity program for small and medium-sized businesses.