June Wrap-up: Waterloo’s Winning Streak Continues

June was a winning season for Waterloo, highlighted by initiatives such as clean economy tax credits, quantum research advancements and the launch of a global engineering hub. Just as in hockey, Waterloo’s latest achievements prove that victory is all about strategic plays and forward-thinking.

Want your best shot at a successful international expansion? Waterloo can give your business a power play advantage. With growing industries, top talent and all the tools and support you need to succeed, Waterloo is where the best come to play – and win.

Here’s a look at the top stories from June 2024:

Westinghouse opens global engineering hub

Westinghouse Electric Company, a leader in nuclear energy, opened a new global engineering hub in Waterloo Region in June.

The new 13,000 square-foot facility, located in Kitchener – one of the region’s three cities, will drive innovation in nuclear technology and strengthen the local economy by creating 100 jobs by 2025.

The hub will support Westinghouse’s global design engineering teams and advanced nuclear projects, including the AP1000® reactor and eVinci™ microreactor.

The location was chosen for its high density of technical talent, proximity to the University of Waterloo and access to housing and public transit. The new hub will feature high-tech training capabilities and a laboratory for advancing fire protection engineering technologies.

Canada launches clean economy tax credits

In June, the Government of Canada announced the launch of the Clean Economy Investment Tax Credits (ITCs), a $93B in federal incentives by 2034-35. These tax credits aim to attract investment, support innovation, create jobs and drive Canada’s economy towards net zero by 2050.

The initial set of ITCs includes the Clean Technology ITC, the Carbon Capture, Utilization and Storage (CCUS) ITC, the Clean Technology Manufacturing ITC and the Clean Hydrogen ITC.

For international businesses considering expansion, these incentives make Waterloo an attractive location for investing in clean technologies. Partnering with local experts and taking advantage of these tax credits can drive innovation and sustainability in your business operations.

Toronto-Waterloo Corridor ranks in top 20 globally

In the latest global startup ecosystem report by Startup Genome, the Toronto-Waterloo Corridor holds strong, maintaining its position as a leading startup hub by ranking 18th globally and 8th in North America. This reflects the region’s robust tech ecosystem, strategic location and access to top talent.

The report evaluates global regions-based performance, funding, market reach, talent and experience and knowledge. Despite a minor shift from 17th to 18th place, Toronto-Waterloo remains one of the most valuable players in the global startup scene.

With a large, skilled workforce and ample funding opportunities, the Toronto-Waterloo Corridor offers a highly competitive environment attractive to both startups and established companies.

Canada invests in quantum research

The Institute for Quantum Computing (IQC) at the University of Waterloo congratulated IQC Canada Inc. for receiving $18.4M in funding from the Strategic Science Fund (SSF) over the next five years.

IQC Canada Inc., a not-for-profit organization, collaborates with IQC to advance quantum research, focusing on talent development, knowledge mobilization, and commercialization to strengthen Canada’s leadership in quantum research.

“With this support, IQC Canada Inc. can focus on accelerating quantum research and technology development in Canada’s quantum ecosystem for the benefit of all Canadians,” said Suzanne Corbeil, board chair of IQC Canada Inc.

This investment highlights the region’s leadership in quantum research, offering access to advanced technologies and top-tier talent to help local companies innovate and compete.

ApplyBoard launches AI advisor, Abbie

At the Collision Conference in Toronto, ApplyBoard unveiled Abbie, the first AI advisor for studying abroad. Powered by GPT and Microsoft Azure’s OpenAI platform, Abbie offers personalized, high-quality support to international students, recruitment agents and other stakeholders.

“This launch represents a major milestone in ApplyBoard’s mission to make education accessible to students worldwide,” said Meti Basiri, Co-Founder and CEO of ApplyBoard.

Abbie provides detailed information on global institutions, programs and application processes, providing customized guidance tailored to each student’s profile. It quickly answers questions and simplifies the study abroad journey.

Laurier in top 15% of global universities

Times Higher Education ranked Wilfrid Laurier University among the top 15% of global universities in its 2024 University Impact Rankings. This recognition highlights Laurier’s dedication to the United Nations’ Sustainable Development Goals (SDGs), including efforts in gender equality, climate action and strategic partnerships.

Laurier President and Vice-Chancellor Deborah MacLatchy stated, “Through our research, teaching and partnerships, the Laurier community is working together to create a thriving future for all.”

For businesses considering expansion in Waterloo, Laurier’s ranking reflects the high quality of education and research available in the region.

Clean industrial energy data for 50 states

In June, we launched a tool comparing industrial energy costs and clean energy data for all 50 US states, emphasizing the importance of affordable, sustainable energy for manufacturers.

The tool shows that while some states have low energy costs, their clean energy percentages are often low. In contrast, Waterloo provides both low costs and high clean energy, ideal for energy-conscious manufacturers.

Our analysis found that Waterloo offers nearly 90% clean energy at just 6.22 US cents per kWh, positioning it as a prime location for reducing costs and emissions.

Region purchases land for GO Station

Last month, the Region of Waterloo purchased land in Woolwich for a potential future GO Station site and new mixed-use development, including affordable housing. This supports plans to accommodate the region’s growing population, expected to reach one million.

The site is ideally situated for transit-oriented, medium and high-density housing and amenities. It will connect to Waterloo Region’s expanding transit system and provide new transit options to the Region of Waterloo International Airport (YKF).

“The Region is committed to a sustainable, intentional future,” said Karen Redman, Regional Chair. “We are doing this through major community-building projects that will encourage further development by private partners, organizations and community members.”

Mayor Sandy Shantz of Woolwich Township emphasized the importance of innovative planning to support the township’s projected 50% growth by 2050, ensuring homes, jobs and services for community prosperity.

Q&A with supply chain tech, The Owl Solutions

We recently interviewed Hugo Fuentes and Miguel Gallardo, founders of The Owl Solutions, to learn why they moved their supply chain solutions business from Vancouver to Waterloo

They mentioned Waterloo’s strong manufacturing cluster, high quality of life and robust tech ecosystem were key factors. The supportive business environment, particularly their experience with the Accelerator Centre (AC), was crucial in their journey from startup to success.

Gallardo described Waterloo as having the spirit of a big city with everything within reach, offering exceptional quality of life and a welcoming community: “Waterloo definitely punches above its weight and this combination is one of the most attractive qualities.”

Score big in Waterloo

June was a winning month for Waterloo, with big news in transportation, AI advancements and university rankings. These victories highlight Waterloo’s commitment to innovation and excellence, scoring big in multiple arenas.

Ready to join our championship team and leverage our dynamic ecosystem for your next move? Reach out to our team today to learn how we can support your growth with complimentary services and resources.