Clean Tech Companies Finding Partners In India
Day Two Of Mission Nets $200 Million In New Deals For Ontario Companies
Ontario clean technology companies signed more than $200 million in agreements with partners in New Delhi during the second day of Ontario's Clean Technology Mission to India.
Premier Dalton McGuinty led a signing ceremony between Indian companies and Ontario's clean technology companies. The first agreements and announcements of Ontario's six-day trade mission featured two companies from Mississauga - Admira Distributed Hybrid Energy Systems Inc and Electrovaya, and two from Toronto - Canasia Power Corp and NORR Limited.
Together they announced the following:
- Admira Distributed Hybrid Energy Systems Inc. and Bhagwati Gases Ltd. announced the formation of a joint venture agreement to deliver turn-key engineering of renewable energy products, energy efficient and green building projects and chemical process plants including industrial gas plants.
- Electrovaya and Hero Electric signed a Memorandum of Understanding to cooperate on electrification of two-wheeled vehicles using lithium ion batteries and to investigate the feasibility of a joint venture production plant in India.
- Canasia Power Corp., Admira Distributed Hybrid Energy Systems Inc. and Bhagwati Gases Ltd. signed an MOU to collaborate on the design, construction and commissioning of renewable energy projects.
- NORR Limited and Studio u + a announced the results of their successful collaboration - the design and delivery of 2.45 million sq. ft. of development in India.
Premier McGuinty also met the Honourable Sheila Dikshit, Chief Minister of the National Capital Territory of Delhi and the Honourable Anand Sharma, India's Minister of Commerce and Industry.
The Premier discussed how Ontario can help India fulfill its goal of building a greener economy. India's high rate of growth is putting a great deal of pressure on its energy and water supply. Ontario companies have solutions to those challenges.
- India's budget is targeting economic growth of about nine per cent this year.
- Ontario's trade with India was worth $1.7 billion in 2008.
- India's National Action Plan On Climate Change features eight national "missions" to help it achieve sustainable growth. The plan includes a major focus on building solar power capacity.
“Ontario's expertise in green technology was hard-won. We had to learn from our mistakes. By avoiding the mistakes we've made in the past, India and its people can enjoy sustained economic growth that creates jobs in both our countries.”