Investing in innovation to drive growth

TechNZ will invest $3.7 million over 30 months in a project to research and develop an innovative produce sorting machine, Minister of Research, Science and Technology Wayne Mapp announced today.

Auckland-based Compac Sorting Equipment has received the funding to develop a high-speed sorting and grading machine for delicate and irregularly-shaped produce. Compac will match the TechNZ investment.

"R&D is the point of difference that gives firms the edge they need in a competitive global marketplace," the Minister said.

"The Government is committed to supporting export-focused New Zealand firms that will drive economic growth. Their work will lift our international reputation for innovation.

"TechNZ investments, where firms match Government funding, enable them to safely take their research and development to the next level. This creates jobs and enables firms to upskill existing staff," he said.

Compac manufactures fruit and vegetable packing technology, machinery, software and electronic products used in more than 30 countries.

TechNZ is the Foundation for Research, Science and Technology's business assistance programme.

The Compac Sorting Equipment investment is one of four large TechNZ investments totalling $8.8 million in manufacturing and information communications technology firms in recent months. The others were to 4RF Communications Ltd, Dynamic Controls Ltd and Fusion Transactive Ltd.

"All TechNZ-funded firms must match the Government's investment and expand their R&D programme. These investments are therefore a positive sign that New Zealand firms consider R&D as central to their plans for growth, even in an uncertain economic climate," the Minister said.