MARKHAM, Ont. — Redline Communications will receive $14 million in federal funds to design high-speed wireless equipment for use in the mining, utilities and oil and gas sectors.
Funds for Redline's 5G technology project comes from the federal government's strategic innovation fund for eligible corporations doing business in Canada.
The funds will support a $39.5 million Redline project that the company says will create or maintains 111 jobs and up to 13 co-op jobs.
Redline's project will design high-speed wireless equipment to remotely monitor machinery for the mining, utility and oil and gas industries.
The previously announced strategic innovation fund is designed to provide contributions of $10 million or more toward projects with total costs of at least $20 million.
Redline, which trades on the Toronto Stock Exchange, is based in Markham, Ont. and has a market capitalization of about $9.3 million.
This report by The Canadian Press was first published April 9, 2021.
Companies in this story: (TSX:RDL)