The Kitchener, Ont.-based wearables company returned $9.85 million to the federal government on June 30, Innovation, Science and Economic Development Canada spokesperson Christopher Génier said in response to questions from The Logic. (The Logic)
Skip to content
The Kitchener, Ont.-based wearables company returned $9.85 million to the federal government on June 30, Innovation, Science and Economic Development Canada spokesperson Christopher Génier said in response to questions from The Logic. (The Logic)
Talking point: As The Logic first reported, North had received $9.5 million of a $24-million award from the Strategic Innovation Fund by the time it breached its contribution agreement by laying off staff in February 2019. The funding was to pay for facility expansion and hiring, as well as to “support the company’s next-generation product development.” On Tuesday, North announced it was being acquired by Google, and would not release that latest version of its Focals glasses. The Globe and Mail previously reported the deal was worth US$180 million; Génier said the repayment that day “covers the amount provided to the company plus an internal rate of return consistent with the terms of the agreement.”
Loading...
Thanks for sharing!
You have shared 5 articles this month and reached the maximum amount of shares available.
CloseThis account has reached its share limit.
If you would like to purchase a sharing license please contact The Logic support at [email protected].
CloseGift the full article!
You have gifted 0 article(s) this month and have 5 remaining.
Recipients will be able to read the full text of the article after submitting their email address. They will not have access to other articles or subscriber benefits.
Most Popular This Week
In-depth, agenda-setting reporting
Great journalism delivered straight to your inbox.
News
1 in 3 professionals are using unauthorized AI on the job, global survey finds
Briefing
New federal nuclear energy strategy focuses on Candu reactors at home and abroad
Joly says she told Chinese automakers her conditions for making EVs in Canada
Fuel prices push inflation outside the BoC’s comfort zone
Best business newsletter in Canada
Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday.
Exclusive events
See the bigger picture with reporters and industry experts in subscriber-exclusive events.
Membership in The Logic Council
Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests.
