Thanks to provincial funding, Hydro Tech hopes to triple business
Friday, September 21, 2012 by: SooToday.com Staff
NEWS RELEASE
DAVID ORAZIETTI, MPP
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Orazietti announces $468,352 to support expansion of Sault business
Ontario Liberal government continues to support Northern job creation and economic development
SAULT STE. MARIE - The province is supporting a Sault. Ste. Marie based company, Hydro Tech, with $468,352 that will allow the business to expand its operations and further contribute to the local economy, David Orazietti, MPP, announced today.
“Our government is investing in local entrepreneurs through the NOHFC because we recognize the important role such businesses play in stimulating the local economy and in creating high-quality jobs,” said Orazietti. “Today’s funding will enable Hydro Tech to expand its business offerings and to better meet the current demands for its services while at the same time creating additional job positions within the company.”
Hydro Tech is a local company that provides innovative engineering, maintenance and construction solutions to the Hydro Power Industry including the design and manufacturing of hydro generation turbine bearings for the international market.
The $468,352 in funding, which is being provided through the government’s Northern Ontario Heritage Fund Corporation (NOHFC), will be used by Hydro Tech to establish a new head office for 21 new employees over the next five years.
Funding will also be used to assist with the purchase of office furnishings and equipment to facilitate engineering projects and manufacturing design.
Hydro installation and construction equipment will also be purchased as part of the project.
“The expansion of Hydro Tech is really starting to take effect,” said Mike Dupuis, president at Hydro Tech. “We are seeing a substantial increase in both local and international sales and services. The NOHFC funding enables us to accommodate the technical staff needed to support these sales and continued growth. We are now working with local machine shops to produce parts for our designs and will be starting several mechanical construction projects in Northern Ontario this coming year. Thanks to NOHFC we anticipate tripling our business in engineering and manufacturing.”
Since 2003, the province has approved nearly $50 million for 400 NOHFC projects in Sault Ste. Marie.
These investments have resulted in new jobs and allowed for over $150 million in infrastructure and business projects to be completed.
The provincial government’s previous budgets have increased the NOHFC’s funding by a further $10 million per year from $60 million to $100 million to support vital community infrastructure and economic development projects that create jobs and enhance the quality of life for northerners.
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