Hydro Tech is now expanding its renowned hydro bearing expertise to the international bearing market and has partnered with Movena Korea Co., a South Korean-based maritime engineering and consulting company that has extensive knowledge in the marine propulsion industry.
To achieve this expansion, Hydro Tech is receiving advisory services and up to $500,000 in research and development (R&D) funding support through the Canadian International Innovation Program (CIIP). CIIP is a funding program offered by Global Affairs Canada in collaboration with the National Research Council of Canada Industrial Research Assistance Program that supports industrial R&D collaborations between Canadian small and medium-sized enterprises and international partners. Additionally, Movena Korea is receiving funding support from the Korea Institute for Advancement of Technology.
Together Hydro Tech and Movena Korea will collaborate to develop complete bearing solutions for marine and hydroelectric bearing applications through a three year project to generate economic growth and development for both nations.
The research and development collaboration program is good news for Hydro Tech. “Our vision for the project is to enable Hydro Tech to mature as an organization, ensure there is no compromise to quality and dependability, while growing to meet the demands of all customers in the Canadian, U.S., and world markets.” says Hydro Tech President Mike Dupuis. “Within three years, we expect to achieve a substantial increase in international engineering and bearing supply which will, in turn, provide significant growth.”
The funding support provided through CIIP has already enabled the small enterprise to hire on additional full time staff members.