The Vancouver Economic Commission along with Mayor Gregor Robertson announced the opening of the China Canada Clean Tech Innovation Centre, launched by Chinese high-tech investment group Hanhai Zhiye Group.
The new centre will receive an initial investment of $4.25 million to get it off the ground and will be based at SFU Harbour Centre’s VentureLabs facility. It will be the first of its kind in all of Canada.
“A low-carbon economy, a green economy is booming in Vancouver and this further accelerates that great growth,” said Mayor Robertson at a press conference at TELUS Garden.
“We’ve put our focus on the green economy, on clean tech in particular, so it’s wonderful to see this contribute to our number one economic growth of Canadian cities right now.”
An additional venture fund of $15 million will likely be secured by 2016.
On top of the China Canada Clean Tech Innovation Centre, Hanhai and SFU are launching the China-Canada Commercialization and Acceleration Network, which will connect entrepreneurs with people, programs, and resources needed to accelerate venture growth in both countries.
The term “clean tech” is broad and usually refers to investors who are looking to capitalize on environmentally friendly solutions.
For their part, Hanhai Zhiye chose Vancouver after looking at other Canadian cities because of our growing technology sector.
“There is a large market for clean tech in China and it is our intent to foster, seed, and help commercialize some of the most innovative technologies coming out of Vancouver,” said Hanguang Wang, Chariman of the Hanhai Zhiye Group.
Ian McKay, CEO of Vancouver adds our deep ties to the Asian market make us the ideal candidate for the new centre.
“The launch of the centre will further advance research and development in this area and build on our valuable business relations in China.”
China currently has the second biggest economy in the world and, until this year, had the fastest growing economy globally.