Local business receives funding for expansion and job creation
May 16, 2023 10:39am
A business in Owen Sound has received funding to help with its expansion and to facilitate job creation.
Bruce-Grey-Owen Sound MPP Rick Byers announced that Hydrogen Optimized Inc. is receiving $500,000 in funding through the Regional Development Program’s Southwestern Ontario Development Fund. The provincial government funding is pairing with Hydrogen Optimized Inc., investing over $4.6 million to build Hydrogen Optimized’s RuggedCellTM water electrolyzer production capacity.
The creation of the plant will create five new jobs. A media release from the company claims that the investment will “enable the company to gain access to the significant revenues that come with contracts to provide electrolyzers for the large-scale green hydrogen market.”
“We thank the Ontario government for its support as we advance our RuggedCell™ manufacturing capacity to 100 MW annually and create high-quality jobs in Owen Sound,” said Andrew T.B. Stuart, President and CEO of Hydrogen Optimized. “This investment also paves the way for future manufacturing automation and the expansion of our output to 500 MW annually to meet the growing demand for large-scale green hydrogen.”
“Our government is proud to support local manufacturers across the province as they grow and create more good-paying jobs in their communities,” added Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Investing in these types of community-building projects will help us continue to build Ontario and strengthen the economy. We thank Hydrogen Optimized Inc. for making a significant impact in their community and for contributing to our province’s dynamic and growing manufacturing sector.”
The provincial government claims that it will be investing more than $100 million through the Regional Development Program from 2019 to 2023 to strengthen the advanced manufacturing sector and help meet regional needs.