In two separate announcements, the Atlantic Canada Opportunities Agency has announced loans totalling more than $17 million for eight companies in the St. John’s and Halifax areas.
The federal development agency said last week it was lending about $16 million to defence companies in Newfoundland and Labrador to help develop and manufacture critical equipment and technologies, and support 115 jobs.
With more than 200 firms in the defence industry, Atlantic Canada delivers advanced shipbuilding, aircraft and engine maintenance, sonar and acoustic systems, training and simulation, ground vehicle technologies and cyber resilience.
And this week, the agency named three Dartmouth ventures to receive $1.3 million in loans to help them optimize supply chains and adopt the technologies they need to compete in new markets. These loans are made through the Regional Tariff Response Initiative, a $1 billion program to help Canadian businesses respond to global trade pressures.
The companies in Newfoundland and Labrador receiving loans are:
- PAL Aerospace ($7.5 million) will commercialize a new missionized aircraft solution to offer enhanced capabilities that strengthen Canada’s potential in maritime and northern surveillance, and Arctic sovereignty.
- Solace Power ($4 million) will enhance capabilities in delivering wireless power and data solutions in harsh environments, including the Arctic.
- Virtual Marine Technology ($2.5 million) will develop and deliver marine simulation-based training solutions for defence.
- CoLab AI Inc. ($1 million) will deliver AI-powered collaboration software solutions to meet defence market requirements.
- Rutter Inc. ($1 million) will develop and deliver enhanced radar technologies for naval and Arctic defence operations.
These three companies based in Dartmouth are also receiving loans:
- Outdoor-Fit Exercise Systems ($770,250) will expand and upgrade its manufacturing facility through new automation equipment and specialized expertise to support process improvements, product development, and market diversification.
- Reftek Systems ($267,500) will hire staff and acquire equipment to establish a specialized sensor lab in the Halifax Regional Municipality to reinforce supply chain reliability.
- Aurea Technologies ($250,180) will lower production costs for its Shine 2.0 wind turbine and support prototyping, compliance testing, and cybersecurity, as well as global business development to expand into international markets.
