Two B.C. businesses are receiving more than $6.8 million in federal funding to advance waste-reducing technologies in the energy and textile sectors.
Gregor Robertson, the minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), announced the investment for two Coquitlam-based companies on Monday.
Moment Energy Inc., which makes modular battery storage systems from repurposed electric vehicle (EV) batteries, will receive $4.9 million. The technology extends the life of EV batteries by 10 to 15 years and reduces the need for new production, according to the company.
Moment Energy said the funding will accelerate its expansion across Canada.
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