ISED announces major investments in Siemens and Nokia under the Strategic Innovation Fund

Minister of Innovation, Science and Economic Development (ISED) Navdeep Bains announced two major investments at the World Economic Forum in Davos, Switzerland: up to $40 million in Nokia Canada and up to $35.66 million in a partnership between Siemens Canada, New Brunswick Power and Nova Scotia Power. The Nokia investment will support product development for data routing and optical networks over a multi-year term valued at $214.6 million. This funding will help maintain Nokia’s existing Canadian workforce of 2,000 employees and add another 237 jobs based in Kanata and Mississauga, Ontario. The contribution to the Siemens partnership, valued at $92.7 million, will support research and development of smart grid technology for improving power delivery, integrating renewable energy, and reducing electricity costs, creating up to 24 skilled jobs in Atlantic Canada. Both investment are made under the Strategic Innovation Fund (SIF).