EDMONTON, AB – December 6, 2023 - NanosTech, a leading innovator in sustainable technology, is proud to announce its selection as one of the recipients of the Government of Alberta's Technology Innovation and Emissions Reduction (TIER) Fund. The company has secured a substantial investment of $5 million from Emissions Reduction Alberta (ERA) for its cutting-edge project aimed at revolutionizing on-site oil extraction and upgrading processes.
NanosTech's project, referred by Sustainable Development Technology Canada (SDTC), is set to demonstrate a turnkey, on-site oil extraction and upgrading process. This innovative technology not only enhances operating margins but also significantly reduces greenhouse gas emissions. The funding will enable NanosTech to advance its groundbreaking project, contributing to Alberta's commitment to emission reduction and economic growth.
Myles McGovern, President and CEO of NanosTech, expressed gratitude for the strategic support from the Government of Alberta and ERA. "The Government of Alberta's funding through Emissions Reduction Alberta is critical to demonstrating our new thermal innovation that is applicable across many industries. By supporting our decarbonization project, we will demonstrate a first-of-its-kind technology in Alberta and Canada. Together, we will unlock thermal decarbonization options that are desperately needed to reach our GHG reduction goals."
NanosTech's project is part of ERA's broader initiative, with a total commitment of $22.8 million to eight projects worth $272 million in public and private investments. The eight projects cover a range of innovative technologies, including carbon fibre production from bitumen, battery storage at a hydroelectric dam, waste heat utilization for decarbonizing a food processing facility, and advancements in oil extraction processes.
The funding not only demonstrates the government's commitment to supporting pioneering technologies but also highlights the collaborative efforts of various organizations. NanosTech is honored to be among the esteemed group of companies receiving funding and looks forward to contributing to the success of Alberta's sustainability goals.
If successful, the eight projects are estimated to deliver annual greenhouse gas (GHG) reductions of 280 thousand tonnes, cumulative reductions of almost 2 million tonnes by 2030, and 7 million tonnes by 2050. The funding is also expected to create over 788 person-years of jobs in Alberta and have a $258 million GDP impact in the province by 2025.
NanosTech is excited to be at the forefront of driving positive change for Alberta's environment and economy. The company remains committed to delivering impactful outcomes and showcasing the potential of its innovative solutions.
For more information, please refer to the https://www.eralberta.ca/media-releases/government-of-alberta-investing-nearly-23-million-to-support-advanced-carbon-fibre-storage-and-energy-efficiency-technologies/.
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