Energy Innovation Program (EIP) is a fund for small businesses that seek to contribute to Canada’s green technology targeting Oil and Gas Industries. EIP was created to support development of cleaner oil and gas technologies to utilize Canada’s hydrocarbon resources in more sustainable ways. The Government of Canada hopes the EIP will accelerate clean technology development and thus promote sustainable economic growth. This development will also aid Canada’s shift to a low-carbon economy. What this means for your business is the opportunity to propose technologies you’re developing which reduce greenhouse gas (GHG) emissions from the oil and gas sector. For example, this technology could pertain to oil sands extraction, advanced emissions detection, energy efficient steam generation, low-carbon heat or power technologies, and solutions and/or infrastructure for carbon dioxide conversion. This list is only a sample of technologies the EIP is looking for. If your small business is developing technology to reduce GHG emissions, you may just be what the EIP is looking for!
How much is on the table?
For demonstration projects, a minimum of $5 M of EIP funding is available per project. In fact, your firm must require the minimum of $5 M to qualify for the grant. For front-end engineering design studies, the minimum available to you is $300,000 of EIP funding per project. The total amount of funding your company may receive through the EIP is 50% of total project costs. If you require more funding than the EIP can provide, this fund does allow for total Canadian government assistance (federal, provincial/territorial, regional and municipal governments, etc.) of up to 75% of total project costs. If we crunch the numbers, this means that a $10 M demonstration project will effectively cost your small business only $2.5 M.
Who can use The Energy Innovation Program?
To be eligible to use the Energy Innovation Program your project must be located in Canada. Further, your business must be incorporated or registered in Canada. The EIP will fund companies, electricity and gas utilities, industry associations, research associations, standards organizations, aboriginal and community groups, Canadian academic institutions, and provincial, territorial, regional and municipal governments and their departments and agencies. Which is a very extensive list. This program really is intended to fund GHG emission reduction technologies from a wide range of sources. A very important aspect of this grant to note is the submitting deadline: September 7th, 2016. The EIP is adamant that proposals submitted after this date will not be accepted, so sharpen your pencils and get started!
What I liked most
What I liked most about the EIP is that the Canadian Government is quite serious about improving sustainable methods for using Canada’s hydrocarbon resources. From the long list of technologies the Energy Innovation Program is seeking we can see that they’re attacking GHG emission reduction from all angles. It seems, even a small decrease in GHG emissions, when modifications are made to many aspects of energy production, adds up. I think Canada’s small and medium sized business owners shouldn’t be intimidated by participating in an initiative of this magnitude as the EIP is very open to technology developments in many aspects of GHG emission reduction.
“Even if you are on the right track, you’ll get run over if you just sit there.” – Will Rogers
The EIP is working to move Canada to a low-carbon economy. If you are developing clean technology, here is your sign to that your industry has come under the spotlight. Miss these early opportunities and you may get left behind the pack.
ConnexFund specializes in grants and funding for innovative companies and start-ups with focus on technology and manufacturing. Many Canadian businesses are aware that there is some free money available for them. But not so many know where to find it, how to access it and how to prepare a grant application that is successful. And this is exactly what ConnexFund does!