The New Brunswick Innovation Foundation has announced a $1.8 million joint project with economic development agency Opportunities New Brunswick to finance cleantech research and development.

The funding package is part of the provincial government's refreshed climate change action plan, announced last week. The latest tranche follows a similar, $1.5 million round of financial backing offered to researchers in Sept. 2021, which went to groups such as a team from Mount Allison University developing techniques to control dangerous bluegreen algae blooms.

NBIF said in a statement that its goal is to create a pipeline of climate change mitigation technologies comprising12 companies at various stages of development, as well as at least eight with greenhouse gas reduction at the core of their work and six startup-stage businesses. 

“By focusing on these objectives, we will be able to significantly advance New Brunswick’s Climate Change Action Plan,” said NBIF Chief Executive Jeff White in a statement.

“We are pleased to partner with ONB to better position the province to meet the challenges of the climate crisis and grow opportunities for the low-carbon economy.” 

The funding will be distributed via four NBIF programs: its Climate Impact Fund, its Corporate Cleantech Innovation Fund, its Early-Stage Commercialization Fund and the Start-up Investment Fund.