Canada Economic Development

Canada Economic Development

September 27, 2010 11:30 ET

Government of Canada Awards $175,542 in Funding to NutrOcean Inc. for Startup of Industrial Production

RIMOUSKI, QUEBEC--(Marketwire - Sept. 27, 2010) - The Honourable Denis Lebel, Minister of State for Canada Economic Development, took the opportunity, during the official opening of the NutrOcean Inc. factory, to announce that the company has received a repayable contribution of $175,542 through Canada Economic Development's Business and Regional Growth program.

NutrOcean is a young enterprise which produces and commercializes top-quality marine microalgae products to supply customers in the microalgae forage—aquariums, research institutions and hatcheries— and biotechnology sectors. After two years of pilot-plant production, the company is now ready to start industrial production using exclusive technology developed and tested in partnership with the Institut des sciences de la mer (marine sciences institute) of the University of Quebec in Rimouski.

"With an investment of more than $1 million and the projected creation of nine jobs, NutrOcean's project is of paramount importance for the region," said Minister of State Lebel.

Marine science and technology is considered a priority development sector in the Bas-Saint-Laurent, which is one of the reasons why the Government of Canada invested in the NutrOcean Inc. project. Funding helped build the production room, acquire the various equipment used to treat seawater, and produce and harvest the microalgae.

"This investment is intended to continue the development of unique expertise that contributes to the birth and growth of technology-based enterprises like NutrOcean," Minister Lebel concluded.

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