Source: Canada News Centre – Government of Canada
Vaughan, 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.
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The Regional Municipality of York is located in the heart of the Greater Toronto Area and is home to 1.1 million residents and 42,000 business establishments, making it one of Canada’s largest municipalities and the second largest business centre in the Province of Ontario.
Comprised of nine local municipalities, York Region is a premier business location in Canada. The Region is home to operations of 14 Fortune 100 companies, four of Canada’s top 10 corporate R&D investors, Canada’s second largest Information & Communications Technology (ICT) cluster and global industry leaders in Life Sciences, CleanTech, Financial Services and Advanced Manufacturing.
As Canada’s fastest growing large municipality, York Region has one of the most educated and diverse workforces in North America, the lowest commercial property taxes in greater Toronto and an exceptional quality of life attracting top global talent.
York Region’s local municipalities include the City of Markham, the City of Vaughan, the Town of Richmond Hill, the Town of Newmarket, the Town of Aurora, the Town of Whitchurch-Stouffville, the Town of East Gwillimbury, the Town of Georgina and the Township of King.