The Invest Nova Scotia Fund is helping a research centre in Cape Breton capitalize on marine waste.
The fund's independent board of directors announced on May 17th that the Verschuren Centre for Sustainability in Energy and the Environment at Cape Breton University (CBU) will receive $2.4 million in funding to turn marine waste into commercial products.
"This funding will help bring sustainability and competitive advantage to the marine and agriculture sectors," said Beth Mason, lead researcher and CEO of the centre. "We are excited to begin the commercialization and product development process, expanding our engagement with industry."
Researchers at the Verschuren Centre have developed cutting-edge technology that turns unused marine biomass into commercial goods for feed, plant and food markets. The technology is environmentally friendly and the first of its kind in North America.
"Invest Nova Scotia is funding smart, innovative ideas that benefit entire sectors of our economy," said Invest Nova Scotia chair, Kenneth Deveau. "This project is commercially viable and it solves a real-world problem, helping fish and food processers divert their waste in a clean and efficient manner."
"Projects like this strengthen CBU's role as an economic driver for the region," said David Dingwall, president and vice-chancellor, of the University. "It is wonderful to have Invest Nova Scotia's support as this project moves forward."
Invest Nova Scotia was established in 2014 as an independent fund for granting economic incentives. Projects must spark innovation, be measurable and sustainable and advance the strategic goals of the ONE Nova Scotia Coalition.
For more information on Invest Nova Scotia, visit http://www.novascotia.ca/business/invest/ .
