A Collingwood-based company has received a $500,000 grant from the provincial government to aid in its expansion efforts.
Sensor Technologies Ltd., led by president and CEO Niru Somayajula, plans to invest $3,333,333 to expand its facilities and hire 11 additional staff members. The grant, awarded through the Southwestern Ontario Development Fund, is part of a broader initiative to bolster regional economic growth.
Somayajula expressed enthusiasm about the grant, emphasizing its validation of their strategic direction and the support it provides. The company, which specializes in underwater communication sensors used in military, oil and gas, and environmental conservation applications, is experiencing increased demand globally. This expansion project aims to meet growing market needs and enhance production capabilities.
“We’re already seeing the benefits of this investment, having hired 20 new staff since December,” Somayajula noted. Plans for the expansion include upgrading facilities to accommodate current and future demands efficiently.
Despite considering various options for the expanded facility’s location, Somayajula emphasized a commitment to remaining in Collingwood, citing personal ties and community integration as key factors in the decision-making process.
Simcoe-Grey MPP Brian Saunderson praised Sensor Technologies for its investment in the community, highlighting the grant’s role in fostering local job creation and economic development.
Overall, the grant represents a significant milestone for Sensor Technologies as it continues to innovate and expand its footprint in Collingwood and beyond.
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