Government of Canada invests nearly $1M to help local companies with big solutions commercialize, expand their markets, and promote clean growth
With an ocean sector estimated to grow to over $25 billion by 2030, Atlantic Canada is poised to be a key player in the industry worldwide. In Nova Scotia, a trio of companies are expanding to deliver new technologies to global markets, further establishing the region as a driving force for growth and sustainability in the ocean sector.
Today, the the Honourable Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for ACOA, announced a total repayable contribution of $996,802 toward three projects that will help to further Atlantic Canada's ocean tech innovation and growth.
The contribution includes a $536,802 investment to help Lunenburg's ABCO Industries Inc. create and showcase a hybrid vessel and leverage new software for electric boats (EVs). The project will lay the groundwork for ABCO to develop an EV pleasure craft that produces significantly less emissions than typical smaller and recreational vessels.
A $250,000 investment supports ReelData Inc. of Halifax as it establishes a production facility where it will build a camera system to pair with its monitoring software used in aquaculture. The company's AI uses video footage to make recommendations based on factors like how much food is in the water, and how much food should be dispensed - helping businesses reduce their waste and keep their farms healthy.
A $210,000 investment will equip Dartmouth Ocean Technologies Inc. (DOT) with tools to bring its suite of technologies to market for aquaculture, environmental biodiversity monitoring, offshore energy, naval defence, ocean surveying, and public health. The firm specializes in environmental sensors and environmental DNA (eDNA) samplers, including an alkalinity sensor that helps researchers accurately monitor carbon uptake in the world's oceans.
Today's announcement underlines the Government of Canada's commitment to supporting key growth sectors like ocean technology - helping innovative companies at all stages build more competitive products, bring them to market, and build stronger, more sustainable industries.
