Ontario Construction News staff writer
The province has announced that it will be investing $3.46 million in Element5, a mass timber manufacturer based in St. Thomas. This funding will allow the company to triple its production and increase its revenue by more than 300%.
The province believes that the expansion of Element5 will help to meet the growing demand for wood construction materials in the housing, commercial and industrial sectors. The use of wood in construction is expected to create jobs and also help the province reach its goal of building 1.5 million new homes by 2031.
The funding for Element5 is part of the province’s Advanced Wood Construction Action Plan, which aims to promote the use of wood in construction and manufacturing. The plan includes funding for projects that will improve productivity, increase innovation, support market expansion, strengthen regional economies and supply chains, and positively impact Ontario’s broader forest sector.
The province believes that the expansion of Element5 is a step forward in the development of advanced wood construction techniques in Ontario. The company is expected to create new jobs and opportunities while also contributing to the province’s environmental goals.
“With more space and new equipment, Element5 will be able to meet growing demand for their high-quality products and get more building projects done quickly and efficiently.” natural resources minister Graydon Smith said in a statement. “This company is an advanced wood construction success story, powering growth and development across Ontario, Canada and the U.S.”
Element5 president and CEO Patrick Poulin stated: “The ongoing support from the province is a cornerstone of Element5’s strategic planning. More importantly, it reflects our shared vision to position Ontario as a leader in advanced wood construction and manufacturing, not only in Ontario, but across Canada and North America. This vision aligns seamlessly with our collective goals around intelligent natural resource use, affordable housing, and responsible environmental impact.”