The funding is provided by Sustainable Development Technology Canada, which collaborates with companies in Canada to bring clean technologies to market. The move runs parallel to recommendations in the Clean Technology Economic Strategy Table report that compiled industry leader feedback regarding the financing gaps to accelerate clean tech growth in the country.

Alliance, which has already unveiled its pilot plant in Quebec, is now entering the second phase of demonstrating its clean magnesium production technology, which recycles tailings from mining activity to produce magnesium metal. It expects to create 70 direct jobs as a result of the investment.

Investments like this are actually key to the country's green economy transition, according to minister of international development Marie-Claude Bibeau.

"The federal government's support for the company's production of magnesium from asbestos tailings will contribute to regional economic diversification efforts in the RCM des Sources and will benefit its residents," Bibeau said.

Navdeep Bains, minister of innovation, science and economic development, added that Canada's clean technology investments can help address the world's biggest environmental problems and create more jobs at the same time.

"Our government wants to make sure Canadians are in the best possible position to scale up technologies and capture the growing clean technology market," Bains said.

The government of Canada's investments in clean technology are part of its multi-year Innovation and Skills Plan strategy to position the country as a global centre for innovation. In the 2017 budget year, legislators provided over C$2.3 billion (US$1.7 billion) to help the growth and expansion of clean technology firms.