Kontrol Technologies (CSE: KNR) has seen one of its subsidiaries, CEM Specialties, receive an investment from the Ontario government for the firms BioCloud technologies. The investment is being used to help commercialize and accelerate the production of its airborne COVID-19 detector.
The Ontario government in total is investing $2.0 million into the subsidiary of the company to further push the commercialization of the unit. The funding is expected to increase the production capacity of the company to 20,000 units per month, with the product to be manufactured in London, Ontario.
The investment comes from the Ontario Together Fund, which was created to target investments that will increase the provinces stockpile of made-in-Ontario products and PPE. The investment in BioCloud is expected to support the provinces vaccine rollout, rapid testing and contact tracing.
“From day one, Ontario unleashed its innovation and manufacturing might in the fight against COVID-19, with businesses rolling out new innovations and products to help keep the frontlines and the general public safe. It’s the creativity and ingenuity of enterprising companies like CEMSI, with its innovative COVID-19 detection technology, that will help Ontario and the rest of the world successfully emerge from this pandemic, while creating hundreds of good jobs for our province’s skilled workers.”
Vic Fedeli, Minister of Economic Development, Job Creation and Trade
Kontrol Technologies last traded at $2.92 on the CSE.
Information for this briefing was found via Sedar and Kontrol Energy Systems. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
