Dartmouth-based oceantech company MetOcean Telematics will expand its production warehouse and renovate its facility with the help of a $900,000 federal loan, consolidating its local operations and allowing future growth.

The company expects the project to create 10 jobs and reduce annual costs by about $600,000. The upgrades to its Thornhill Drive facility will bring about 80 local employees together in one location, with additional workspace for manufacturing and product development.

MetOcean develops and manufactures satellite communications, ocean-monitoring and defence technologies used in remote and challenging environments. Its products include search-and-rescue buoys, oil-spill tracking devices, underwater listening equipment and Arctic weather stations that collect and transmit data from remote locations.

MetOcean CEO Tony Chedrawy said in a statement the expansion would help the company respond to growing global demand for technologies that improve underwater awareness and security.

“Bringing our teams together under one roof will help us move faster, collaborate more effectively and continue developing advanced Canadian-made technologies here in Atlantic Canada,” Chedrawy said.

The Atlantic Canada Opportunities Agency (ACOA) is providing the $900,000 loan through its Regional Economic Growth through Innovation program. The funding was announced Oct. 19

The company serves government, defence, research and commercial customers in more than 100 countries. Incorporated in 1984, it has regional offices in the United States and United Kingdom.

The project includes an expanded production warehouse, renovated workspaces and new audio-visual equipment. The changes are intended to improve workflow and provide more capacity for manufacturing and developing new products.