Wednesday, March 18, 2009

Ontario offers grant to Thales Rail Signalling

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Ontario is providing a C$12.8 million (US$10 million) grant to support a five-year investment by Thales Rail Signalling Solutions worth C$85 million (US$67 million) to improve the province’s rail transit signaling technology. Thales will use the provincial grant to invest in “green” researchand development programs to create signals allowing for tighter equipment headways and reduced energy consumption, thereby increasing passenger capacity.

The provincial grant comes from Ontario’s C$1.15 billion Next Generation of Jobs Fund, a partnership with businesses designed to advance the provincial economy. Thales is working on the Urban Rail Signalling and Control market, estimated to be worth US$6 billion.

“The grant by the Ontario government means almost C$100million more being invested in our economy in one fell swoop,” said Ontario Minister of Economic Development Michael Bryant in a statement. “The world is looking for the next generation of green technology and products. We want to ensure Ontario is a leader in greenhouse gas reductions, energy efficiency, and the green economy.”

Paris-based Thales Rail Signalling Solutions Inc. is a subsidiary of Thales Group, with a divisional center located in Toronto.