The province is providing a five-year, C$15 million (£8.6 million) grant to GEC Motors, which will in turn invest C$85 million (£48.6 million), to develop more efficient, eco-friendly wind turbine generators and nuclear reactor pump-motors. The project will create 33 new jobs and retain 75 existing jobs in the Peterborough area, and significantly reduce the facility’s greenhouse gas emissions.
The grant comes from the Next Generation of Jobs Fund, a C$1.15 billion (£657 million) business incentive program. Partnering with businesses is a key component of the Ontario government’s five-point plan to grow the economy.
“Having recently signed a Memorandum of Understanding (MOU) with General Electric Canada, this announcement provides further proof that GE is strengthening its presence in Ontario. By forging partnerships with global giants like GE, we’re creating high-value jobs, attracting new investment to the Peterborough area and helping Ontario reduce its carbon footprint,” said Sandra Pupatello, minister of economic development and trade.
“Investments in new technology are essential to remain competitive in the heavy electrical industry. With support from the Ontario government, GEC Motors is increasing its R&D capability and bolstering our Peterborough-based facility’s reputation as the preferred centre for quality large-scale custom motor production,” said Elyse Allan, President and CEO, General Electric Canada.