AquaBounty is getting a construction loan to support development efforts at its Rollo Bay property in Prince Edward Island.
In a press release, AquaBounty, the company that produces genetically engineered Atlantic salmon, has announced that the company’s Canadian subsidiary has received a construction loan in the amount of CA$2.0 million (US$1.6 million) from the Department of Economic Development of the Province of Prince Edward Island.
The proceeds of the loan will be used to complete construction of the Company’s 250-metric ton production facility on its Rollo Bay site.
The firm can make its land-based salmon grow to market size in about half the time of a traditional farmed Atlantic salmon. In September SalmonBusiness reported that in 2017 the company had sold 4.5 tonnes in Canada.
The Rollo Bay site, which includes an R&D hatchery, is currently undergoing construction of a 250-metric ton production facility and a broodstock facility.
Ronald Stotish, Chief Executive Officer of AquaBounty, said: “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. This facility will demonstrate the superior economics that AquAdvantage brings to land-based recirculating aquaculture systems. We are very grateful for the support we have received and continue to receive from the Province of Prince Edward Island.”
Canadian supermarkets become the first in the world to stock genetically modified fish in August 2017 and there is no requirement in Canada for the fish to be labelled as genetically engineered.