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Funding in the Greater Montreal Area

17 November 2002

Industry Minister Allan Rock announced $29.87 million in funding for innovation, research and economic development in the Greater Montreal Area at an event held at the HEC Montreal, to launch the Social Sciences and Humanities Research Council of Canada's Initiative on the New Economy (INE).

""The investments announced today in research and economic activities speak to the diversity and robustness of Montreal's economy,"" said Minister Rock. ""These contributions will reinforce the strength of Canadian innovators, recognize the importance of small- and medium-sized businesses as an economic motor, and ensure access to the latest technologies for businesses and citizens alike.""

Today's announcement includes a $400,000 award to Flywheel Energy Systems to resolve three identified risk elements in the FACETS composite flywheel rotor attributed to the aging effects of the repeated charge/discharge of the flywheel rotor while preserving a range of physical performance and environmental specifications for the rotor.






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