Waterloo is heading into 2025 at full charge.
Billion-dollar investments are reshaping industries, a quantum leap is redefining computing and new records and legacies are being set across the region.
It may be mid-winter, but the energy in Waterloo is anything but cold. From major investments in EV and nuclear innovation to revolutionary work in quantum computing, this month’s top stories signal an electrifying year ahead.
Let’s take a look back.
A big leap for open-source computing
Waterloo is making history as Open Quantum Design (OQD) launches the world’s first open-source, full-stack quantum computer.
Built on Waterloo’s reputation as Quantum Valley, OQD aims to make quantum technology more accessible to researchers, startups and industry. Last month, OQD welcomed four founding partners – Xanadu, the University of Waterloo, Unitary Fund and Haiqu – strengthening its global reach and collaborative approach.
We recently spoke with Greg Dick, CEO of OQD, about the impact of their work:
“We have found a way to leverage the collective global quantum workforce to scale quantum computing… By sharing resources, knowledge and designs as a global community, we will accelerate the development of quantum technologies.”
Linamar invests $1B in EV
Ontario’s auto sector is getting a major boost with Linamar’s $1B investment in advanced vehicle powertrains, eAxle systems and hydrogen fuel cell technology. The investment, supported by both federal and provincial governments, will create 2,300 jobs and strengthen Ontario’s position as a hub for EV and mobility innovation.
“This partnership helps us realize that potential,” says Linamar Executive Chair Linda Hasenfratz. “The participation of both levels of government in this program is a great indication of their commitment to the Canadian automotive manufacturing sector.”
BWXT secures $1B for expansion
Cambridge-based BWXT is shaping Ontario’s nuclear future with over $1B in contracts to manufacture components for two major energy projects. These investments will support Ontario Power Generation’s (OPG) life extension of the Pickering Nuclear Generating Station and the deployment of a new small modular reactor (SMR) at the Darlington site.
BWXT will manufacture 48 steam generators at its Cambridge facility and create more than 250 highly skilled trades positions, including welders, fitters and machinists, as well as add more engineers and supporting staff.
“The BWXT team stands ready to help our customers and Ontario create a future that provides abundant, emissions-free electricity, while increasing sustainable, good-paying jobs for Canada,” says John MacQuarrie, president of BWXT Commercial Operations.
VueReal raises $40.5M to scale production
Waterloo-based VueReal has raised US$40.5M in Series C funding to scale production and expand its global ecosystem. The investment, led by Export Development Canada (EDC) and other partners, will help scale VueReal’s MicroSolid Printing technology, making high-performance microLED displays more accessible across industries.
“The biggest challenge in microLED adoption has always been the ability to scale efficiently and drive down costs,” said Rick Coccimiglio, CFO at VueReal. “What VueReal is really bringing with its MicroSolid Printing technology is a way for semiconductor development, microLED development to happen anywhere around the globe, as opposed to one location.”
Record-breaking passengers at YKF
The Region of Waterloo International Airport (YKF) continues its upward trajectory, serving 523,210 passengers in 2024 – a 17.49% increase over 2023 and a 554% increase over 2019. With new routes and expanded facilities, YKF remains a key transit hub for residents and business travelers, offering a convenient alternative to busier airports.
“Record passenger numbers in 2024 were made possible by strong partnerships and continuous improvement in airport operations and services,” says Karen Redman, Chair of the Region of Waterloo. “We’re excited to build on this momentum with new opportunities that will further enhance the airport’s role as a vital hub for travel, business and growth in 2025 and beyond.”
Waterloo EDC begins search for next CEO
After a decade of leadership, Tony LaMantia is preparing to step down as President & CEO of Waterloo EDC. Under his tenure, the organization has driven $2B in new investment and helped shape the region’s economic success. The search is on for a new leader to guide Waterloo’s next phase of growth.
“It’s my opinion that Waterloo Region’s best years are ahead of it, too,” says LaMantia. “The next CEO gets to help build that future.”
" It’s my opinion that Waterloo Region’s best years are ahead of it. "
Tony LaMantia
President & CEO of Waterloo EDC
Living Labs Initiative brings ideas to life
The David Johnston Research + Technology Park (R+T Park) is turning ideas into real-world solutions through its Living Labs Initiative. With projects in sustainable design, micro-mobility and autonomous transit, this program provides a testing ground for the next generation of tech-driven solutions.
“We’re looking to engage with innovators – whether startups, established companies or researchers – who are interested in testing their concepts in a dynamic and collaborative environment,” says the R+T Park team.
What’s next?
We’re only one month into 2025 and Waterloo is already bringing the heat. With major investments, advancements and other ecosystem stories, 2025 promises to bring even more growth and innovation.