COM DEV International Ltd. will benefit from an investment of $5.2 million to create world-class micro-satellite system technology, products and services. Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario, made the announcement at the company’s headquarters in Cambridge.
“This investment will create jobs and help reinforce COM DEV International’s micro-satellite technology, which will strengthen Ontario’s position as a world leader in this growing market,” said Goodyear.
This partnership is funded under the Southern Ontario Development Program (SODP), which will allow COM DEV to launch the first generation of its micro-satellites and establish Ontario as a world leader in this emerging industry.
“We are very pleased to obtain the direct support of the federal government as we build out the infrastructure to enable us to pursue an exciting new growth opportunity,” said John Keating, CEO of COM DEV International Ltd. “We believe there is a significant market both in Canada and internationally for micro-satellites and the data they are uniquely capable of gathering.”
The Southern Ontario Development Program promotes economic development, economic diversification, job creation and sustainable communities in Southern Ontario. The SODP is just one in a series of initiatives introduced in the government’s Economic Action Plan designed to address the short-term effects of the economic decline on communities across Canada, while preparing our communities for long-term growth. Overall funding for the SODP is $100 million in 2009-10.
