Thermtest to increase production capacity
February 9, 2023 · Fredericton, New Brunswick · Atlantic Canada Opportunities Agency (ACOA)
By strategically investing in technology and research and development (R&D) in Atlantic Canada, the federal government is driving innovation, and helping more Atlantic Canadian businesses to scale up and compete in global markets.
Federal support for three projects to fuel growth
Today, the Honourable Ginette Petitpas Taylor, Minister of Official Languages and Minister responsible for ACOA, announced more than $876,000 through the Regional Economic Growth through Innovation (REGI) program for three projects for Thermtest Inc.
Of the total investment, $480,375 supported a marketing strategy; $346,058 helped the company purchase production machinery and conduct leasehold improvements for a newly purchased commercial building; and $50,000 supported the hiring of a digital business systems analyst. These projects will help Thermtest develop a larger customer base, expand research and development activities, improve digital business systems, and grow international markets.
Today’s announcement further demonstrates the Government of Canada’s commitment to help businesses grow, reach new markets, drive innovation, and contribute to Atlantic Canada’s economy.
“It was amazing to see firsthand the extraordinary work happening right here in Fredericton in the labs at Thermtest. Strategic investments like the ones announced today are building on regional strengths to help secure our position as a world leader in innovation. The federal government is committed to creating the right conditions for continued growth as we adapt to the economy of the future.”
- The Honourable Ginette Petitpas Taylor, Minister of Official Languages and Minister responsible for ACOA
“I’m so pleased that Thermtest is positioning itself for more growth and making inroads into international markets. We are fortunate to have such a talented company located here, providing employment and helping to strengthen our local economy. ”
- Jenica Atwin, Member of Parliament for Fredericton
“We are grateful for the support from ACOA. The new 15,000 square-foot Thermtest headquarters in Fredericton will give us the space to grow for years to come. Thermtest exports a diverse range of innovative thermal conductivity testing instruments to commercial companies, national laboratories, and academic institutions around the world. I am immensely proud to be part of such a wonderful Thermtest global team!”
- Dale Hume, President, Thermtest Inc.
Thermtest Inc. is an international leader in thermal conductivity, with customers including DuPont, Shell, Dow Chemical, Federal Mogul, 3M, and NASA.
The $480,375 investment to support a marketing strategy is conditionally repayable, which means it is repayable based on the project being funded achieving certain success factors or milestones, according to the terms agreed upon in the contribution agreement signed by the Agency and the company.
The $346,058 investment to help the company purchase production machinery and conduct leasehold improvements is repayable.
The $50,000 contribution to support the hiring of a digital business systems analyst is non-repayable.
ACOA’s Regional Economic Growth through Innovation (REGI) program aims to create the right conditions to start and grow businesses in Atlantic Canada and help businesses and non-profit organizations develop a strong, dynamic, and inclusive economy.
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