FUNDING SUPPORT FOR CANADIAN AQUACULTURE

Funding support for Canadian aquaculture

The Government of Canada and the Province of New Brunswick has announced funding support to True North Salmon Limited Partnership and Cooke Aquaculture Inc. through the Atlantic Fisheries Fund (AFF).

The AFF funding — a repayable contribution of over $6.7 million towards total project costs of over $15.6 million — will be used for the purchase of high-tech equipment for True North Salmon’s processing plant in St. George, NB. The new equipment will improve value added processing and enable individual product portioning.

True North is part of the Cooke Aquaculture group of companies. The equipment addition is part of a significant plant expansion that will double the size of the processing plant, allowing True North Salmon to better respond to market demands and labour shortages, while at the same time improving the overall productivity of the company.

This funding aims to enable Cooke Aquaculture to consolidate its local salmon processing capacity, with a product mix that is more flexible and better adapted to consumer needs.

The contribution is from the $400 million Atlantic Fisheries Fund (AFF), funded by the federal and provincial governments. The AFF focuses on increasing opportunities and market value for sustainably sourced, high-quality fish and seafood products from Atlantic Canada.

Introduced in 2017, the Atlantic Fisheries Fund will continue to invest in projects over its seven-year life. The commercial fisheries and aquaculture industry, Indigenous groups, universities and academia, and industry associations and organizations, including research institutions, are invited to apply.

Diane Lebouthilier, Minister of Fisheries, Oceans and the Canadian Coast Guard, said: “This new and improved equipment will allow True North Salmon to continue delivering high-quality salmon products that Cooke Aquaculture is known for while ensuring good jobs remain in our coastal communities. The seafood industry is the heartbeat of the Atlantic Canadian economy and expansions like this one are essential to Canada’s ongoing success as a world-leader in delivering fresh and high quality seafood products.”

Glenn Cooke, CEO, Cooke Aquaculture Inc., said: “Our core purpose is to ‘cultivate the ocean with care, nourish the world, provide for our families, and build stronger communities. With this program support in our processing value chain, our St. George salmon plant will become a state-of the-art facility which strengthens our ability to produce retail-ready seafood in a safe and sustainable manner. This expansion project is the cornerstone of our company’s overall investment plans in Atlantic Canada and the new advanced equipment is designed to keep our operation streamlined.”

Quick facts

• The Atlantic Fisheries Fund will invest over $400 million over seven years to support Canada’s fish and seafood sector.
• The federal government will provide 70% of the funding, with 30% coming from the Atlantic provinces.
• The fund aims to help Canada’s seafood sector transition to meet growing market demands for products that are high quality, value-added, and sustainably sourced.
• Eligible projects must focus on:
  • Innovation – to support research and development of new innovations that contribute to sustainability of the fish and seafood sector, and to create partnerships and networks that aim to promote and encourage innovations in the sector;
  • Infrastructure – to adopt or adapt new technologies, processes, or equipment to improve the effectiveness and sustainability of the fish and seafood sector;
  • Science Partnerships – fisheries and aquaculture industry based partnerships with academia and institutions to enhance knowledge and understanding of the impacts of changing oceanographic conditions and sustainable harvesting technology.

Source