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ACOA invests $536 into Lunenburg based ABCO

By Evan Taylor Aug 9, 2023 | 5:00 PM

ABCO location on Tannery Road , Lunenburg. Photo: CKBW Files.

The ocean technology sector in Atlantic Canada is on the brink of a significant expansion, with three Nova Scotia-based companies at the forefront of innovation. This development comes as the region positions itself as a global player in the industry, set to contribute over $25 billion to the sector by 2030.

On Tuesday, August 8, the Honourable Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA), announced a notable investment of $996,802 to drive ocean tech innovation and growth in the region. The financial commitment will be channeled into three distinct projects aimed at fostering sustainable technological advancements within the sector.

A substantial portion of the investment, amounting to $536,802, has been allocated to Lunenburg’s ABCO Industries Inc. The company is set to propel innovation in marine transportation with its ambitious project to develop a hybrid vessel that harnesses new software for electric boats (EVs). This initiative is poised to revolutionize smaller and recreational vessels by creating an electric pleasure craft that significantly reduces emissions, thereby promoting environmental sustainability.

“The marine industry is witnessing a transformative moment, and ABCO Industries Inc. intends to be a pioneer in this evolution. Our focus on delivering recyclable aluminum hulls and hybrid and zero-emission vessels underscores our commitment to reshaping the marine landscape,” emphasized Colin Ross, R&D Program Coordinator at ABCO Industries Inc.

The contribution announced today by Minister Hutchings aligns with the Government of Canada’s commitment to nurturing key growth sectors, with ocean technology standing out as a pivotal driver of economic progress. The government’s support for innovative companies at various stages of development is seen as instrumental in bolstering the competitiveness of their products, facilitating market entry, and fostering more robust and sustainable industries.

Reflecting on the significance of this investment, Darren Fisher, Parliamentary Secretary to the Minister of Seniors and Member of Parliament for Dartmouth-Cole Harbour, commended the local innovators and their pivotal role in propelling the ocean sector’s growth. Fisher stressed that these companies are forging the path for groundbreaking and environmentally friendly advancements, not only bolstering the provincial economy but also shaping the future of ocean-based resources on a global scale.

The infusion of funds into Nova Scotia’s ocean tech landscape signifies the region’s intent to maintain its leadership in the industry while addressing pressing challenges such as emissions reduction and environmental sustainability.



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