Innovation P3© Initiative
CUTRIC’s Innovation P3© initiative is an effort to integrate private sector experience in financing, infrastructure development, technology development and adoption, running operations and maintenance services to the requirements of the low-carbon mobility sector in order to develop a long-term, self-sustaining business model which would reduce the burden on public exchequer and would result in faster adoption and deployment of latest zero-carbon transportation technologies. While there have been numerous Public-Private-Partnership (P3) projects in Canada to date, most of them have been primarily focused on developing fixed assets with very minimal technology integration. Similarly, while Canada can boast of a diverse and experienced industry profile, limited efforts have been taken to utilize the range of expertise that these industries have on offer; especially in order to tackle complex challenges including those faced by the transit sector which is one of the biggest contributors to GHG emissions in Canada and still need to cater to the burgeoning demand of extending mobility services to people.
The focus of this project would be to develop a P3 framework which would enable cities or transit agencies as clients to deploy low-carbon smart mobility projects by handing over the task to a Special Purpose Vehicle (SPV). This SPV would then distribute the various elements of the project to various entities comprising of public agencies, mobility platform manufacturers, utilities, energy suppliers, banks, financers, etc., within or outside the SPV. Through a series of consultation sessions under the Innovation P3© initiative, CUTRIC would develop a framework of economic models along with best practices to develop a robust Innovation P3© design that can be easily adapted by the interested cities and transit agencies.
Some of the main benefits out of these trials could be: i) potential financial efficiency; ii) enhanced private sector investment; iii) faster development of standards; iv) better service delivery potential for mobility clients; v) expediting with technology learning curve; vi) internal IP development leading to IPO creating marketplace economics opportunities; vii) new business models (with different type of partners) development for integration services; and viii) expedited innovation.
Aditya Ramesh – Project Manager: Electric Bus & Coach Bus