New Brunswick's Northern Harvest Sea Farms has received $8.15 M towards a $17.6-M expansion of its operations in Newfoundland
Letang, N.B. – One of the largest aquaculture companies in North America just received funding to help it expand its operations in Newfoundland.
The company will receive $8.15 million through the province of Newfoundland’s Provincial Government’s Aquaculture Capital Equity Investment Program.
The company is putting the funding towards a $17.6-million expansion of its aquaculture operations in the Coast of Bays on Newfoundland’s south coast.
The funding will go toward capital asset investments in grow-out technology including:
• automatic feeding systems;
• underwater lighting;
• mooring; and
• service vessels.
The investments will increase the company’s annual production of Atlantic salmon from 12,000 tonnes to 16,000 tonnes and increase employment from 145 to 180 jobs. Northern Harvest intends to process the salmon at its Harbour Breton and St. Alban’s plants.
The province says expansion in the aquaculture sector has resulted in a four-fold increase in employment and a 10-fold increase in GDP from the sector between 2003 and 2013.