Genetically-engineered salmon supplier AquaBounty Technologies has received a CAD 2 million (USD 1.6 million, EUR 1.3 million) loan from the Canadian government to complete its Prince Edward Island farm.
The majority-owned subsidiary of Intrexon Corporation said the proceeds of the loan, from the Department of Economic Development of the Province of Prince Edward Island, will help it complete construction of its 250-metric ton production facility in Rollo Bay, Prince Edward Island.
“This loan should enable us to complete construction of the grow-out facility at Rollo Bay by the end of this year and to commence commercial production of our innovative AquAdvantage Salmon in early 2019,” AquaBounty CEO Ronald Stotish said in a statement. “This facility will demonstrate the superior economics that AquAdvantage brings to land-based recirculating aquaculture systems."
The Rollo Bay site includes an R&D hatchery and will soon also feature a 250-metric ton production facility and a broodstock facility.
Once complete, between 20 and 30 technical jobs will be added to AquaBounty’s operation.
“In addition, this development project has provided economic benefits to the local economy through the hiring of building contractors, electricians, plumbers, and suppliers involved in the construction activities,” AquaBounty said.
