As the global economy moves towards “green” practices, Norfolk County recognizes that this is an opportunity to become a leader by supporting innovation and green initiatives.
Norfolk County is home to the Erie Shores Wind Farm, solar farms, and a hydroelectric installation.
Bioindustrial R&D and its commercialization is a government priority in Ontario and several targeted programs are available to innovative companies, including:
Technology Development Fund: a $4.5 million a year program aimed at speeding the development of pre-commercial energy technologies.
Innovation Demonstration Fund: a four-year, $50 million program focused on commercialization and initial technical demonstration of globally competitive, innovative green technologies, processes and/or products.
Ontario Emerging Technologies Fund: a $250 million fund that co-invests with qualified venture capital funds and other private investors directly into companies working in clean technologies.
Feed-in Tariff Program: North America’s first comprehensive guaranteed pricing structure for renewable electricity production. It offers stable prices under long-term contracts for energy generated from renewable sources, including: biomass and biogas.
Ontario’s R&D tax incentive program is widely recognized as one of the most generous in the world. When tax credits are factored in, $100 in R&D expenditures can be reduced to approximately $56 – and less than $37 for small businesses. A broader range of costs qualify for deductions than in many jurisdictions, and tax credits can be carried back for 3 years or forward for 20 years.
Industry can also access millions of dollars in research money through federal and provincial programs that include: the Natural Sciences and Engineering Research Council of Canada (NSERC), the Canada Foundation for Innovation (CFI) and the Ontario Research Fund.