September 17, 2010

Canadian seafood company receives US$1.17-million investment

The Member of Parliament for Cumberland Colchester, Scott Armstrong, has announced funding of CA$1.2 million (US$1.17 million) for Canaqua Seafoods Ltd through the Ministry of Fisheries and Oceans's (DFO) Aquaculture Innovation and Market Access Programme (AIMAP).

The capital will back a project designed to optimise land-based tank farming of Atlantic halibut.

AIMAP funding is meant to help recipients plan, manage and finish aquaculture projects to improve the productivity, economic viability, environmental performance and potential of the country's aquaculture sector.

Canaqua intends to raise full-sized market halibut in just under four years. It also rears Arctic char and Atlantic salmon smolts.

The company's spokesman Paul Merlin said the construction of 8 new 15-metre tanks in a solid steel building will grow the operation's capacity and enhance its environmental sustainability, as well as allow the firm to raise halibut even faster, eventually hitting the 5-kg mark in under three years. The plant now produces 100 tonnes of halibut yearly, but this should double once upgrades are complete in three years.

Halibut can sell for as much as CA$24 (US$23.33) per kg, a product that continually thrives even when others struggle, said Merlin.

AIMAP has made CA$14.7 million (US$14.3 million) worth of funding available throughout Canada since 2007 to fund innovative aquaculture projects that add to the industry's advancement through sustainable production, greater diversification and/or green technology.