Statement: SDTC Addresses ISED Fact-Finding Exercise

OTTAWA, ON — SDTC has received the Fact-Finding Exercise Report commissioned by Innovation, Science and Economic Development Canada (ISED), and completed by Raymond Chabot Grant Thorton (RCGT Consulting).

We note the report found no clear evidence of wrongdoing or misconduct at SDTC and indicated that no further investigation is merited. The SDTC Board of Directors and leadership team are carefully reviewing the report and are taking action to implement the recommendations as quickly as possible to minimize disruption to Canada’s sustainable innovation ecosystem.

SDTC will suspend the approval of new projects and will not be accepting new applications until the implementation process is completed, which we anticipate will be by year end. Otherwise, regular business operations will continue, including the disbursal of funds for all existing projects in our portfolio in accordance with companies’ contribution agreements.