Equity investment allows expansion of Northern Harvest Sea Farms
August 11, 2015
By Erich Luening
Northern Harvest Sea Farms, located on the southern coast of the Province of Newfoundland, Canada, plans to expand production and the number of staff with a recent $8.15 million equity investment from the provincial government.
The company which has farms in both Newfoundland and New Brunswick will use the capital to purchase automatic feeding systems, nets, cages, underwater lighting, mooring and service vessels.
Company executives told local press reporters that with the injection of the government loan, the annual production of Atlantic salmon would increase from 12,000 to 16,000 tonnes. In addition, 35 jobs will be added, bringing the total number of employees to 180.