The Atlantic Canada Opportunities Agency is lending $1.3 million to three Dartmouth companies to help them launch or expand their operations.
The federal government’s regional development agency issued a press release last week announcing the financing for Global Spatial Technology Solutions Inc., Reftek Systems Inc., and Sensor Technology Ltd. The loans were issued under the federal government’s Regional Economic Development through Innovation program.
Here are the details of each loan:
Global Spatial Technology Solutions
GSTS, which is receiving a $500,000 contribution, is developing new satellite surveillance features, including the ability to track COVID-19 through maritime points of entry into Canada.
GSTS, which raised $2 million two years ago, has developed a platform called OCIANA, which collects data from satellites and terrestrial sources then uses artificial intelligence to help crews plot the best routes possible for their ships. The idea is that AI can assess weather patterns, ocean conditions and the traffic of other ships to help ships’ crews plot the safest routes with the lowest greenhouse gas emissions.
ACOA said the project will create up to 15 new jobs.
“The growth of Artificial Intelligence-enabled applications in the maritime domain is expanding rapidly,” said CEO Richard Kolacz in the statement. “The funding from ACOA will enable GSTS to hire additional staff and accelerate the roll out of our Global Maritime Management platform . . . to meet the growing demand for decision support to save lives, energy and the environment.”
Receiving a loan of $420,375, REF TEK is launching its high-resolution seismic recorder in new export markets. The loan is intended to help the company, which recently moved from Texas, establish operations in Dartmouth, creating 10 jobs.
The company aims to increase production and commercialize its seismic recording systems, including the Wrangler, a high-resolution recorder used to assess the impact of earthquakes on such infrastructure as buildings, dams and bridges.
“When the pandemic hit in early 2020, we wondered if we were doing the right thing by moving a Texas-based business to Nova Scotia,” said CEO Derek Inglis. “We are really glad we did. We have already hired seven additional people and plan to hire more this year. . . . By moving to Nova Scotia, we gave REF TEK access to the highly skilled technical staff and positive business environment that exists here.”
Sensor Technology is boosting production of its custom acoustic sensor products, which help protect oceans and safeguard people around the world.
“When we moved our assembly plant of underwater acoustic sensors to the Center for Ocean Ventures and Entrepreneurship in Nova Scotia, we started with only one desk,” said President and CEO Niru Somayajula. “In less than two years, we have expanded our footprint with more production space, new equipment and new hires. We have been fortunate to build excellent local relationships and we are thrilled with our partnership with ACOA to be able to further fund our expansion and hire the staff.”
Sensor Technology is borrowing $393,367 to buy new equipment to increase its capacity to manufacture acoustic products, such as transducers and hydrophones, for use in the energy, oceanography and defense sectors. This project is expected to create 10 jobs, said ACOA.
Disclosure: ACOA is a client of Entrevestor.
