Pennecon Hydraulic Systems diversifies to pursue aquaculture opportunities 

News release

Compressor equipment for Pennecon Hydraulic Systems
Compressor equipment for Pennecon Hydraulic Systems’ new aquaculture aeration system

Local company making the first aquaculture aeration system to be built and delivered in NL

December 9, 2020 · Paradise, NL · Atlantic Canada Opportunities Agency (ACOA)

Business innovation and diversification help Atlantic Canadian companies to become more competitive and resilient. That is why the federal government is helping Pennecon Hydraulic Systems Limited expand its business to capitalize on emerging opportunities in the aquaculture industry.

Pennecon Hydraulic Systems operates in industries such as oil and gas, industrial, mining, marine, military and agriculture. It recently expanded into the aquaculture industry with crane sales, service and maintenance. The company will further diversify its operations with innovative, custom-built aeration systems to help the local aquaculture industry improve fish health.

Federal government supports new business opportunity in aquaculture sector

Ken McDonald, Member of Parliament for Avalon, on behalf of the Honourable Mélanie Joly, Minister of Economic Development and Official Languages, today announced a repayable contribution of $1 million to Pennecon Hydraulic Systems Limited. 

This investment has allowed the company to design and manufacture an aeration system for fish cages that is specifically designed for Atlantic Canada’s unique coastal environment. The system will increase oxygen levels when water temperatures rise, which will improve overall fish health and prevent future die-off.

Today's announcement is further proof of the Government of Canada's commitment to helping small- and medium-sized business access new business opportunities to remain competitive. Projects like this one help demonstrate how Atlantic Canada is building a diverse economy in a range of growing industries.  

Quotes

Adaptability is one of the keys to growing strong, sustainable businesses. Pennecon Hydraulic Systems identified an opportunity to apply its expertise in other industries and branch out into the aquaculture industry. We are pleased to support innovative businesses like Pennecon that are helping to build a more resilient Atlantic Canadian economy.”

-   The Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for ACOA

 

“This project demonstrates that Newfoundland and Labrador companies have the skills and capacity to develop customized solutions to address industry challenges here at home and around the world. I am pleased that ACOA is investing in Pennecon Hydraulic Systems, a local company that provides good jobs as it helps to diversify and grow our economy.”

- Ken McDonald, Member of Parliament for Avalon

This investment by ACOA has enabled us to develop and commercialize a product solution for the aquaculture sector related to rising water temperatures and associated low oxygen levels that can cause fish mortality. Our system is the first ever built in Atlantic Canada and is a complete modularized system that can be easily delivered to remote farm sites.

- David Mitchell, Chief Executive Officer, Pennecon Hydraulic Systems Limited 

Quick facts

  • The funding announced today is provided through ACOA’s Regional Economic Growth through Innovation (REGI) program, which helps businesses adopt innovative technologies that support scale-up, productivity and competitiveness. 

     

  • Pennecon Hydraulic Systems Limited is contributing $787,120 towards the project.

  • Based in Paradise, NL, Pennecon Hydraulic Systems Limited provides a wide range of hydraulic support in design, distribution, maintenance, pre-commissioning services and rentals throughout Atlantic Canada. It is a subsidiary of Pennecon Services and Maintenance and Marine Limited, which is owned by parent company Pennecon Limited.  

Contacts

Catherine Mounier-Desrochers
Press Secretary
Office of the Minister of Economic
Development and Official Languages
catherine.mounier-desrochers@canada.ca

Paul McGrath
Director of Communications
Atlantic Canada Opportunities Agency
709-689-5731
paul.mcgrath@canada.ca

Mark Duff
General Manager of Finance
Pennecon Hydraulic Systems Limited
709-726-4554
mark.duff@pennecon.com 

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