Archived — Government of Canada Supports Innovative Auto Technology in Toronto
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For immediate release
July 2, 2013
Toronto, Ontario—The Honourable Julian Fantino, Member of Parliament for Vaughan, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced today an investment in Vida Holdings Corp. This investment lends support to help commercialize an innovative catalytic converter that lowers harmful vehicle emissions, improves fuel economy, and reduces the use of expensive catalyst metals by up to 40 percent.
"Through Canada's Economic Action Plan 2013, our Government continues to nurture innovative businesses to help them secure new markets and create high-value jobs," said Minister Fantino. "Our Government is proud to support Vida Holdings Corp. in its work to develop innovative technologies that will benefit both the economic and environmental health of our communities."
Under FedDev Ontario's Investing in Business Innovation initiative, Vida Holdings Corp. is receiving a contribution of up to $750,000 to develop and commercialize its Multi-Chamber Catalytic Converter (MCCC). Catalytic converters change pollutant gases from motor vehicle exhaust into less harmful ones, using precious metals as catalysts to create chemical reactions. The MCCC's unique design allows it to use less of the expensive metals, significantly lowering manufacturing costs. Unlike traditional catalytic converters, the MCCC can operate efficiently at a wide range of temperatures and improves fuel economy while still meeting global vehicle emission standards.
FedDev Ontario's investment has helped Vida Holdings Corp. to attract up to $1.5 million in angel investment from members of the Angel One Investor Network and the Niagara Angel Network.
This investment will help Vida Holdings conduct research and testing of the MCCC and bring the product to market sooner. The company expects to create up to six full-time jobs at its operations in Woodbridge, Mississauga and Toronto during the implementation of this project, and an additional nine jobs in the Greater Toronto Area by 2017.
"Introducing a new component to the automotive sector requires extensive and costly testing and demonstrations," said Stefano Plati, President, Vida Holdings. "The combined financial support from FedDev Ontario and the two angel groups provides us with the funds necessary to accelerate the introduction of the MCCC to our customers."
Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region's strengths and creating opportunities for jobs and economic growth. In Budget 2013, the Government of Canada demonstrated its continued commitment to workers, families and communities in southern Ontario with the renewal of FedDev Ontario. Economic Action Plan 2013 provides $920 million over five years for the Agency, starting on April 1, 2014. As part of the renewal, FedDev Ontario will be allocating $200 million over five years for a new Advanced Manufacturing Fund in Ontario.
As outlined by the Prime Minister, the Government of Canada remains focused on what Canadians care most about: their families, the safety of our streets and communities, their pride in being a citizen of this country, and their personal financial security.
To learn more, please visit www.FedDevOntario.gc.ca or call 1-866-593-5505.
Follow us on Twitter @FedDevOntario
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For more information, contact:
Office of the Honourable Gary Goodyear
Contribution to Vida Holdings Corp.
Located in Woodbridge, Ontario, Vida Holdings Corp. was established in 2008 to develop a new catalytic converter to reduce emissions from automobiles, trucks and other commercial vehicles. The company has obtained international patents for its Multi-Chamber Catalytic Converter (MCCC), which offers a unique combination of benefits over traditional catalytic converters.
The Federal Economic Development Agency for Southern Ontario (FedDev Ontario), under its Investing in Business Innovation initiative, is providing Vida Holdings Corp. with a repayable contribution of up to $750,000. The funding supports the total project cost of $2,250,000 for the development, testing, and commercialization of the MCCC. The new converter is less expensive to produce and has a longer lifespan than standard catalytic converters, while improving fuel economy and meeting global emission standards.
Catalytic converters use precious metals such as platinum, palladium, and rhodium to create chemical reactions that convert toxic byproducts from vehicle exhaust into less harmful ones. The MCCC reduces the need for these expensive metal catalysts by up to 40 percent, significantly lowering manufacturing costs. In addition, the MCCC's unique design incorporates insulation that is divided into different thermal zones, which can be managed independently to maximize efficiency. The insulation allows the MCCC to operate at a greater range of temperatures, allowing for quicker conversion of pollutant emissions after engine ignition than a traditional catalytic converter. The MCCC also creates less pressure against the engine exhaust flow, resulting in improved fuel economy and long-term cost savings.
Funding for this project, from FedDev Ontario's Investing in Business Innovation initiative, will support the company's goal of bringing this new cost-saving and environmentally conscious product to the automotive market. The funding has also enabled the company to attract up to $1.5 million in leveraged funding from members of the Angel One Investor Network and the Niagara Angel Network.
Vida Holdings anticipates creating up to six full-time jobs during implementation of this project, with an additional nine jobs by 2017.
Investing in Business Innovation
Investing in Business Innovation, as part of the Southern Ontario Advantage initiatives, provides improved access to financing for start-up businesses, boosts private sector investment in start-up businesses, and helps accelerate the research and development of new products and ideas and bring them to the marketplace.
To date, over $420 million in funding has been committed to over 240 projects under the Southern Ontario Advantage initiatives, resulting in partnerships with more than 5,000 organizations, and over $1.2 billion in additional leveraged investments from almost exclusively non-government sources.
For more information, please visit the website at www.FedDevOntario.gc.ca.
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