GANDER, NL, Sept. 14, 2012 /CNW/ – Research focused on improving petroleum exploration, enhancing marine safety and preventing and detecting money laundering and fraud are among the eleven business-led projects receiving a total of more than $1.3 million in funding from the Research & Development Corporation of Newfoundland and Labrador (RDC). The funding was announced during a news conference in Gander, NL.

“With an increasingly diversified economy continuing to outpace growth in other regions around North America, Newfoundland and Labrador continues to earn a reputation as a place where business growth and innovation is encouraged,” said the Honourable Keith Hutchings, Minister Responsible for RDC. “The Provincial Government is committed to providing these companies and others with the business opportunities and programs they need to bring their products to markets anywhere in the world.”

RDC works with businesses, providing funding to assist with research and development (R&D) activities focused on improving Newfoundland and Labrador’s R&D performance.

Today’s investment is fostering business R&D in Newfoundland and Labrador focused on key sectors including oil and gas, fisheries, information technology and ocean technologies. The funding supports innovative projects being led by the following 11 companies: Lotek Wireless Inc., NorCan Pozzolan AS, Afinin Labs Inc., Firecraft Products Inc., Oceans Limited, Technip Canada Limited, Triumph Atlantic, Verafin Inc., Virtual Marine Technology Inc., Whitecap Scientific Corporation and WYSE Design & Development Inc.

“Investing in R&D projects led by Newfoundland and Labrador’s business sector is a key priority for the Research & Development Corporation,” said Glenn Janes, Chief Executive Officer of RDC. “Through our support businesses are developing new technologies and skills that strengthen R&D and create jobs.”

Today’s funding comes from two RDC programs tailored to enhance business-led R&D in Newfoundland and Labrador:

  • R&D Proof of Concept helps companies strengthen their technical capacity, while reducing the financial risk of undertaking R&D activities through to proof of concept. The program’s investments of up to $250,000 per project also enable companies to respond quickly to market opportunities by developing and testing new or improved products, services and processes.
  • R&D Vouchers help companies augment their R&D capabilities with greater access to the expertise and facilities needed to support their R&D needs. The program’s investments of up to $15,000 per project support costs associated with access to specialized research personnel, research facilities and other R&D performers.

Both programs provide R&D funding to support companies as they increase their R&D expenditures and develop leading-edge technologies. More information about these programs is available at www.rdc.org.

For details on the eleven projects Click Here.

—30—

For further information: Jeff Green, Manager, Marketing & Communications, Research & Development Corporation; 709-758-0973, 691-8892, jeffsgreen@rdc.org  OR

Scott Barfoot, Director of Communications, Department of Innovation, Business and Rural Development, 709-729-4570, 690-6290, scottbarfoot@gov.nl.ca