Nova Scotia offshore revenues facilitate ocean tech investment

The Canadian province of Nova Scotia has announced investments in research related to oceans and clean technologies which was made possible by the funding generated from offshore revenues.

Nova Scotia has set aside C$20 million for Research Nova Scotia Trust to fund post-secondary research related to oceans and oceans technologies, life sciences, health and wellness, ICT, clean technologies, social innovation and resource sectors.

Established in March 2017, the Research Nova Scotia Trust has already awarded funding to three tidal energy research projects back in October 2017 with the goal of filling the knowledge gaps associated with the development of the sector.

Also, the province has awarded C$5 million to help support the creation of a world-class ocean data analytics platform, named DeepSense, to help grow the regional ocean economy.

Hosted by the Dalhousie University’s faculty of Computer Science, DeepSense will support intensive Big Data analytics projects with industry – a move expected to result in the rise of business opportunities in the ocean sector.

Stephen McNeil, Nova Scotia Premier, said: “We are laying the foundation for a brighter future and a stronger economy that more Nova Scotians can participate in. We are making the most of this opportunity to give Nova Scotians the tools they need to succeed, make the most of the ideas that come from our brightest minds and help Nova Scotians in need.”

The funding announced is part of a larger investment by Nova Scotia that covers various sectors in all areas of the province.

In total, the province said it will invest about C$244 million in new projects by the end of 2017-18. Several projects remain under negotiation, and they will be announced in the coming weeks as agreements are completed, according to Nova Scotia government.

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