May 24, 2016 – Victoria, PE – Atlantic Canada Opportunities Agency
Near the entrance to picturesque Victoria-by-the-Sea, on the south shore of PEI, some of the tastiest and healthiest fish are being raised in-land. The creative innovation in sustainable aquaculture began as a pilot project in 2009, and results have exceeded expectations.
The Honourable Wayne Easter, Member of Parliament for Malpeque, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA); and the Honourable Heath MacDonald, PEI Minister of Economic Development and Tourism, today announced government support for a new stage in development for Halibut PEI. After a promising phase of research, where underground salt water wells were used to rear halibut in Victoria PEI, the new product from Halibut PEI entered the market. Now, the company is looking to further its sustainable business model by supplying its own juveniles for the operation.
A repayable loan of $495,000 is being provided to Halibut PEI Inc through ACOA’s Business Development Program to help establish a new hatchery which will be integrated into the halibut grow out facilities. The Government of Prince Edward Island is providing a repayable amount of $355,000 through the PEI Century Fund.
“Halibut PEI is a growing company that is expanding its markets and providing a unique food product to its customers. On Canada’s Food Island, the Province supports unique food producers like Halibut PEI, that supply niche markets in an effort to expand our economy, increase our exports, and provide job opportunities for Islanders.”
– The Honourable Heath MacDonald, Minister of Economic Development and Tourism
“This new funding being provided by both the Federal and Provincial Governments, together with new private sector investment from our shareholders, enables our Company to move on with the second phase of our business plan, the establishment of this new hatchery that enables Halibut PEI Inc. to produce halibut juveniles in PEI for our own grow out here in Victoria as well as other grow out operations in Atlantic Canada and for the export market.”
– Jim Dunphy, President, Halibut PEI