The Government of Canada is making investments in British Columbia to fuel economic growth and support high-tech manufacturers to increase their global sales
NORTH VANCOUVER, BC , June 16, 2023 /CNW/ - Across B.C., innovative companies are creating technologies to solve the challenges facing manufacturers across the globe. In North Vancouver , Novarc Technologies Inc. is developing a unique automation solution to help solve the global manufacturing bottleneck. Novarc's Spool Welding Robot (SWR) is the world's first of its kind in pipe welding machines and applications giving traditional industries a route to automation. Robot Welding Solutions
Today, the Honourable Jonathan Wilkinson, Minister of Natural Resources and Member of Parliament for North Vancouver , on behalf of the Honourable Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), announced $2,065,000 in funding to this innovative company.
Novarc Technologies is a North Vancouver -based full-stack robotics company specializing in the design and commercialization of robots and AI systems for robotic welding applications.
Welding is needed to build key infrastructure, in a variety of industrial settings, such as hospitals, wastewater treatment plants, and shipyards. As such, the need for prefabrication has grown up to 20 per cent for pipe welding. Novarc's solution automates the manufacturing process of welding - allowing welders of all skill levels to work collaboratively with the robot - increasing safety and productivity up to five times in carbon steel pipe welding and up to 12 times on stainless steel pipes.
This funding, which is being provided through PacifiCan's Business Scale-up and Productivity program, will help Novarc continue to grow. The company has already installed spool welding robot units in North America , Australia , the United Kingdom , Ireland , Germany , Saudi Arabia , and China and has plans for further expansion.
Today's investment is expected to support over 50 new jobs at Novarc Technologies Inc. and generate increased revenues.
"The world can benefit from the innovative solutions and ingenuity happening right here in British Columbia . Today's investment will help Novarc Technologies Inc. find new global markets for its spool welding robots and demonstrates PacifiCan's ongoing commitment to helping B.C. businesses find success at home and abroad." - The Honourable Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan)
"There are innovative companies across British Columbia that are developing technologies that will help solve the challenges of today and tomorrow. Novarc Technologies Inc. is one of those companies, using advanced manufacturing to create solutions to global problems and they are based right here in North Vancouver ." - The Honourable Jonathan Wilkinson, Minister of Natural Resources and Member of Parliament for North Vancouver
"We are excited and grateful to receive this funding as we accelerate our growth to reach new international markets with our automated welding solutions. The funds will allow us to amp up our sales and marketing efforts, and expand our team with the talent and resources required to provide support in these new markets" - Soroush Karimzadeh , CEO, Novarc Technologies, Inc.
Advanced manufacturing involves developing innovative technologies to create new products, enhance processes and establish more efficient cost-effective ways of working. PacifiCan is committed to helping B.C. businesses become leaders in advanced manufacturing.
Novarc Technologies Inc. was named one of America's Fastest Growing Companies in 2023 by The Financial Times, for the second consecutive year. Novarc was also named to the Globe & Mail's Top Growing Companies for the third consecutive year, placing #132 on the 2022 Globe & Mail's Report on Business fourth-annual ranking of Canada's Top Growing Companies.
PacifiCan is the federal economic development agency dedicated to British Columbians. PacifiCan collaborates with partners who are building innovative businesses, creating quality jobs, and supporting inclusive growth throughout our province.
PacifiCan's Business Scale-up and Productivity program supports high-growth (at least 20% revenue growth year-over-year) businesses that are scaling up and producing innovative goods, services or technologies. It offers interest-free, repayable funding to incorporated businesses.
Business Scale-up and Productivity program
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SOURCE Pacific Economic Development Canada
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