CARMANAH RECEIVES $500,000 GRANT FOR ALTERNATIVE ENERGY TECHNOLOGY
Victoria, British Columbia - November 20, 2002 - Carmanah Technologies
Corporation (TSX VE: CMH) is pleased to announce that the Company, in
partnership with BC Hydro and British Columbia Institute of Technology, has
received a grant worth approximately $500,000 from Sustainable Development
Technology Canada (SDTC) to develop solar-powered LED edge-lit signs.
Created in November 2001, SDTC was developed as part of the Canadian
Government’s commitment to support technology companies that reduce green
house gases by reducing energy consumption. Yesterday, November 19, 2002,
SDTC announced eight successful grant recipients, including Carmanah, that
were selected from amongst more than 500 applications across Canada. On
average, these grants contribute approximately 33% of the total cost of each
project.
"The SDTC will help Canadian companies like Carmanah become worldwide
leaders in alternative energy technologies," says Carmanah founder, Dr.
David Green. "This grant enables our company to work on the development of
solar-powered, LED sign lighting technology that uses 1/10th the power of
conventional illuminated signs."
Carmanah’s application for solar-powered, LED edge-lit signs was successful
because of its economic feasibility and the technological expertise of the
Company’s strategic partners for the project. Carmanah has a track record
of using its proprietary solar-powered LED technology to produce
cost-effective, energy-efficient lighting for marine navigation buoys,
roadway hazard lights, railway lights and other industrial applications
around the world.
Illumination accounts for 20-30% of electricity consumption worldwide.
Widespread use of LEDs could cut global electricity consumption by 10% and
reduce global carbon emissions by 200 million tons a year, according to a
paper presented by Hewlett-Packard’s Roland Haitz and Fred Kish to the
Optoelectronics Industry Development Association. Carmanah takes this
concept one step further by using sunlight, rather than conventional
electricity to power its illumination.
Although LED-based lighting technology is developing rapidly, it hasn’t been
widely used for illuminating signs due to the poor performance of LED
backlighting. Carmanah plans to develop techniques and materials that will
evenly reflect the LED light from the edges, producing a more practical and
attractive illuminated sign.
About Sustainable Development Technology Canada
The foundation was created in November 2001 by the Canadian Government to
reflect Canada's commitment to sustainable development. Their mandate is to
act as a primary catalyst in building a sustainable development technology
infrastructure in Canada by supporting creative and economically sound
partnerships between the private sector, academia, not-for-profit
organizations and federal or provincial governments.
The foundation began asking for submissions for grants in April 2002, and
received over 500 applications with a combined total of $2.8 billion in
total project costs. Direct funding requests to SDTC were $876 million.
Today they announced their first set of grants, $6.61 million to eight
companies. They intend to allocate $100 million to eligible recipients over
a five-year period.
Grant recipients must demonstrate research and development of products that
integrate economic viability, environmental stewardship and social equity to
meet the needs of the present without compromising the ability of future
generations to meet their own needs. SDTC has a special emphasis on clean
air technologies and climate change.
About Carmanah Technologies Inc.
Carmanah is an award winning alternative energy manufacturer specializing in
patented solar-powered LED lighting solutions for the marine, transit,
roadway and railway markets. To-date, the Company has more than 50,000 units
installed in 110 countries. The shares of Carmanah Technologies Corporation
(parent company) are publicly traded on the TSX Venture Exchange under the
symbol "CMH" and on the Berlin and Frankfurt Stock Exchanges under the
symbol "QCX". For further information, visit www.carmanah.com. |
