March 29, 2023 (Edmonton Metropolitan Region)—Edmonton Global, in partnership with Mount Royal University’s (MRU) Institute for Innovation and Entrepreneurship, is pleased to announce the launch of the Hydrogen Innovation Accelerator (HIA).
This programming is made possible through funding support from Prairies Economic Development Canada and is a portion of the recent $9.7M in funding announced on Jan. 17 for hydrogen related projects in Alberta.
The HIA is Alberta’s newest accelerator, with a focus on driving the growth of the hydrogen economy and ensuring regional companies benefit from this new opportunity in the energy sector. The HIA will support the growth of existing small to medium sized (SME) businesses by helping to identify new opportunities related to the hydrogen sector and then helping SMEs to operationalize them.
Hydrogen is forecasted to be an $11-12 trillion-dollar market in the next few decades, and with the establishment of the Edmonton Region Hydrogen Hub, Alberta is poised to be a leader in production, transportation, and hydrogen usage. By partnering with HIA, Alberta companies can capitalize on this explosive market trend. HIA will help Alberta-based businesses lead in production, usage and technologies for hydrogen as an energy source – building the future of energy in Alberta. By harnessing MRU’s world-class Growth Catalyst Program, the HIA will move Alberta businesses from the idea of creating a hydrogen business or service line, to testing commercial viability – in just three months.
HIA’s first cohort of company teams begin in May, 2023. There will be five cohorts over the next 18 months.
The HIA program is suited for Alberta companies with revenues of $2-200 million per year who also have an interest, or mandate, to participate in the trillion-dollar hydrogen market.
“We’re excited to partner with Mount Royal University to deliver this critical programming. MRU has a strong history of delivering SME innovation programming and understands the needs of private industry when it comes to incorporating new innovations and strategies. The HIA will help Alberta companies discover new opportunities in a transitional energy economy, while providing a disciplined and proven approach to strategy and planning of corporate expansion and business model pivots.”
“There is no better time for Alberta businesses to transition and explore the promise of hydrogen market opportunities. With a focused approach, and an exciting atmosphere of collaboration, the HIA is a great way for ambitious Alberta companies to move forward. Global trends of this magnitude are rare, even more rare is the ability to participate. We are thrilled to be the delivery partner of Edmonton Global. This accelerator will prepare companies for the possibilities of new growth.”
“Prior to the Innovation Accelerator, we had a fairly robust product development program that was very rigid and rigorous. However, as a result of the program, that process has become a lot more organic and intuitive.”
Existing Alberta-based small to medium sized (SME) businesses with with revenues of $2-200 million per year and also have an interest, or mandate, to participate in the trillion-dollar hydrogen market can apply directly on the HIA website.
For more information, please contact:
Peter Fenwick, Program Director, Scale-Up and Growth Programming, MRU
Steven Martens, Program Delivery Lead
MRU’s Institute for Innovation and Entrepreneurship’s (IIE) mission is to support the development of the high-impact talent that is essential to the continued economic prosperity of Alberta. This is accomplished by delivering transformative community-engaged learning experiences. The IIE established the Growth Compass as a Centre of Excellence to deliver evidence-based insights, intelligence, and programming with a focus on business growth and scaling. The Growth Catalyst and Innovation Accelerator are two flagship programs that launched through the Growth Compass and now run independently within the Institute.
The IIE has a history of delivering innovation programming commercially since 2017. For example, in 2019, IIE hosted an Innovation Accelerator on Hydrogen Dual Fuel Cell for Locomotive, awarded by the Alberta Ministry of Economic Development & Trade.
Funding for the HIA will allow for five cohorts, with up to ten companies per cohort, and teams of up to three people per company, to participate in a four module, 90-day journey. The program seeks leadership teams, founders / CEOs / owner operators who are ambitious in seeking growth opportunities whilst also being humble enough to know the journey is best taken with others.
Mount Royal University is one of Canada’s top destinations for undergraduate studies. It offers small class sizes and personalized student services within a scholarly community renowned for academic excellence and a focus on teaching and learning. Founded in 1910, Mount Royal remains dedicated to the success of its students. Today, nearly 15,000 students choose from 12 bachelor degrees and 35 majors. More than 100,000 Mount Royal alumni are contributing to their communities worldwide.
The purpose of Edmonton Global is to radically transform and grow the economy of the Edmonton Metropolitan Region. Edmonton Global is a not-for-profit corporation founded by 14 municipalities that make up the Edmonton Metropolitan Region. The organization’s focus is attracting foreign investment, helping regional businesses export with the world, enhancing our region’s global competitiveness, and bringing our region together with a unified voice to attract the attention and interest of investors the world over. As recently as January 2023, Edmonton Global received funding of more than $3.7 million through PrairiesCan. This funding will better equip Edmonton Global to attract investment, position the Edmonton region to be a leader in the rapidly growing hydrogen industry, and spur economic growth.