COFOVO Energy has been awarded $75,000 through Phase I of the Ontario Centres of Excellence Market Readiness Program. This maximum award will allow us to pursue the commercialisation of our concentrator photovoltaic technology through the design and fabrication of full-scale prototypes.
COFOVO will subsequently be eligible to apply for up to $500,000 in additional funding through Phase II and III of the Market Readiness Program.
The ultimate goals of the Market Readiness programs are to transfer university based research to an existing Ontario-based company or to use it as a basis to found a new Ontario-based business venture. The program enables the transfer by supporting key activities such as technology/innovation assessment, market assessment and strategy, prototype design and development, material characterization, proof of concept demonstration, business and other plan development, pilot trials, clinical evaluation/feasibility, product validation, new company start-up, and key position staffing.