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Feds invest $800K in Waterloo's Accelerated Systems, creates up to 15 jobs

570 NEWS - Mark Pare

A big boost for an innovative Waterloo company.

It was announced Wednesday that the federal government is investing $800,000 in Accelerated Systems Inc.

The money will help ASI expand operations, and commercialize its custom parts and software for electric vehicles. It’s expected to create up to 15 new local jobs.

The contribution comes from FedDev Ontario’s Investing in Business Innovation initiative, and corresponds with the Government of Canada’s commitment to supporting innovative companies that are developing modern, world-leading, energy-efficient solutions.

In a release, Waterloo MP and Minister of Small Business and Tourism Bardish Chagger says ASI is a true Waterloo success story.

“Over the years, I have watched the company grow into the leader it has become today. I am proud of the fact that the Government of Canada is working with ASI to expand their ability to create energy-efficient products that promote responsible, sustainable transportation. Today’s announcement is great news for our community. It will help create jobs and boost innovation in our local manufacturing and clean technology sectors – a big win for the Waterloo Region.”