In a significant move towards bolstering Canada's economic recovery and advancing its commitment to sustainability, the Government of Canada is investing nearly $4 million in Rex Power Magnetics, a prominent transformer design and manufacturing company. Francesco Sorbara, Member of Parliament for Vaughan-Woodbridge, representing the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), made the announcement on behalf of Minister Filomena Tassi.

This substantial investment will facilitate the expansion of Rex Power's operations. The company plans to establish a new transformer production cell at its existing 145,000-square-foot facility in Concord and introduce a new production line at its newly acquired facility in Etobicoke. As a result of these expansion efforts, Rex Power is expected to double its sales, generate 35 new jobs, and enhance lead times to supply high-quality, Canadian-made transformers to local Ontario suppliers. Moreover, this expansion aims to address supply chain challenges faced by North American energy companies, particularly as the demand for eco-friendly solutions continues to rise.

Rex Power Magnetics' innovative production processes and energy-efficient transformers will play a pivotal role in reducing greenhouse gas emissions and increasing the availability of transformers for renewable energy infrastructure projects, including those related to wind, solar, and battery technologies. This investment underscores the Government of Canada's commitment to fostering a green and resilient economy, supporting companies that align with this vision, and contributing to a more sustainable future for all Canadians.

Source: miragenews.com