News
Federal government invests $4.8M to support Mississauga-based cleantech manufacturer

MISSISSAUGA — On May 26, during Economic Development Week, Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) announced a $4.8-million investment in Stromcore Energy Inc. (Stromcore) to add new advanced manufacturing equipment, launch two new products, and green their operations.

With this support, Stromcore, a manufacturer of intelligent lithium-ion batteries for forklifts, will adopt advanced manufacturing equipment and technology and launch two new energy-efficient products; Turbo Bank, an advanced AI-powered charger with improved efficiency; and Electric Cart, a zero-emission e-forklift developed in collaboration with Amazon to lift goods. These new products have a fast-charging capability and the ability to operate in colder environments, helping improve productivity, while greening operations.

Stromcore will scale its operations to meet the growing market demand for these innovations, create 18 new jobs and enhance its global competitiveness. This investment also supports the sustainable recycling of electric batteries as part of a circular economy. At the end of the life of a battery, Stromcore disassembles and salvages up to 99 percent of the battery components to minimize their potential negative environmental impact. These efforts are incredibly important in an economy that is transitioning to net-zero and helping companies reach their potential with reusable battery power will ensure that this energy source remains sustainable.

“Businesses in Ontario are leading the way in modernizing and developing new processes, technologies and products that will build a strong green economy. Our Government’s $4.8-million investment in Stromcore Energy Inc. underscores our commitment to helping businesses reach their potential as they move toward innovative green solutions and create good jobs across our province,” said Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario.

“The FedDev Ontario support will accelerate the commercialization of our new product innovations and allow significant efficiency gains in the process. The rapidly growing Stromcore team welcomes this project with excitement and anticipation,” said Maxime Vidricaire, Chief Business Officer, Stromcore Energy Inc.