Electric Vehicle (EV) — Stream 2
Highlights
Imagine receiving up to $1 million to power your electric vehicle (EV) and battery technology projects. This program is designed just for businesses like yours, focusing on creating and showcasing innovative Ontario-made technologies. Whether you're developing mass light vehicles, heavy-duty vehicles, or charging infrastructure, this funding can help turn your ideas into reality. The program supports projects with a high potential for commercialization, giving you the chance to demonstrate your products in Ontario and beyond.
Here's what's in it for you: collaboration opportunities with researchers and other businesses, market-ready solutions to current challenges, and a chance to make a significant impact in the EV industry. The funding is available over 24 months, providing ample time to develop and test your innovative solutions. Plus, the program encourages partnerships, meaning you can team up with other enterprises, academic institutions, or even municipalities to maximize your project's potential.
Qualifying is straightforward, and with a minimum 2:1 contribution from you or your partners, you can unlock this substantial financial support. By participating, you'll not only advance your business but also contribute to a greener future with reduced environmental impact. This is a fantastic opportunity to innovate, collaborate, and grow in the rapidly evolving EV sector.
Financing Details
Grant: The program offers up to $1,000,000 in grant funding. This means you don't have to repay the amount, making it a highly beneficial form of financial support for your business.
Repayment Terms: Since this is a grant, there are no repayment terms or interest rates applicable. This alleviates financial pressure and allows you to focus entirely on your project's development and execution.
Eligible Expenses: Funds can be used towards technology development, demonstration, product/service validation, testing, and piloting. These categories are crucial for advancing your electric vehicle and battery-focused technologies.
Restrictions on Use of Funds: The grant cannot be used for basic research or to prove feasibility. It is intended for projects that are at a more advanced stage of development (Technology Readiness Levels 3-9).
Fees: There are no application or processing fees associated with this grant, making it even more accessible for eligible businesses like yours.
Qualifications
Business Size: Must be a Small or Medium Enterprise (SME) with fewer than 500 global, full-time employees.
Location: Must have operations in Ontario and carry out the project in Ontario.
Partnerships:
- Must include at least one partner.
- Eligible partners can be SMEs, national and multinational enterprises, academic institutions (as clients only), municipalities, Indigenous communities, not-for-profit organizations representing industry, Crown Corporations, and Transit Authorities.
- No limit on the number of partners, but partnerships should represent significant commercial opportunities.
Project Requirements:
- Must have a total budget of up to $3,000,000 over 24 months.
- Must be at Technology Readiness Level 3-9.
- Must include demonstration of actual products that can be showcased in Ontario.
Funding Contribution: All funds must be matched by a minimum 2:1 contribution from applicants and/or private sector partners.
Project Focus: Should involve technology development, demonstration, product/service validation, testing, and piloting with high potential for commercialization and strong commercial pull.
Application Process: Involves two stages: an expression of interest (EOI) and a Full Proposal.
Description
This program offers your business a chance to receive up to $1 million in funding. It's designed to support the development, testing, and validation of electric vehicle (EV) and battery technologies. Whether you're working on mass light vehicles, heavy-duty vehicles, or charging infrastructure, this funding can help bring your projects to life.
The money can be used for a variety of purposes. You can focus on creating and demonstrating Ontario-made technologies, forming partnerships with researchers, or developing market-ready solutions. Projects should aim for a high potential for commercialization and demonstrate actual products that can be showcased in Ontario.
To qualify, your business will need to match the funds with a minimum 2:1 contribution from you or your private sector partners. The funding is available over a maximum of 24 months, giving you ample time to develop and demonstrate your innovative solutions. This is a great opportunity to collaborate, innovate, and make a significant impact in the EV industry.
Program Steps
Complete the Client Intake Form
Fill out the intake form to express your interest in the program. This is your first step to opening an application.Consult with an OCI Business Development Manager
After submitting the intake form, an OCI Business Development Manager will contact you. They will discuss the opportunity and guide you through the application process.Prepare the Required Documentation
Gather the necessary documents to support your application. You will need:- Program Guidelines
- OCI Funding Agreement
- Eligible Expenditures Guide
- Full Proposal Questionnaire
- Letter of Support Template
- Data and Information Sharing Protocol (DISP)
Develop Your Project Proposal
Create a detailed project proposal that outlines your project goals, potential for commercialization, and how it aligns with the program's objectives.Submit the Expression of Interest (EOI)
Once your proposal is ready, submit your Expression of Interest to the program.Complete the Full Proposal
If your EOI is accepted, you will be invited to submit a Full Proposal with more detailed information about your project.Await Approval
After submitting your Full Proposal, wait for the program's decision. If approved, you will receive further instructions on funding and project execution.
