Aspin Kemp and Associates of P.E.I. is getting a loan of $2,938,201 from the Atlantic Canada Opportunities Agency's Innovation Fund to develop and market a new power system prototype.
- Marine company moves from Ontario to P.E.I.
Its company is one of six Atlantic Canadian companies sharing a $12.6 million investment. ACOA made the announcement Thursday in Moncton, N.B.
"We're really excited about it," Jason Aspin, company CEO. "With the landscape in the oil and gas market right now we're very much needing to diversify and this is a great opportunity for us to be able to do that."
The money is for a project the company has already begun: a power-bridging system the company said will integrate, store and discharge energy to regulate swings in power and offer companies a steady energy output. In other words, to eliminate peaks and valleys of energy output, allowing companies access to steady, cost-efficient power.
The technology will "help companies become more efficient and have more reliable power sources and reduce their environmental footprint and save them money," said Aspin.
Jobs already created
The project will take electrical systems Aspin Kemp has developed for the oil and gas and marine sectors, and make them suitable for use for land-based companies.
Aspin Kemp is collaborating on the project with companies in Texas and Bulgaria as well as P.E.I. The work is taking place in Montague and Poole's Corner.
Creating a prototype has already created four or five full-time research and development jobs, and the company expects the project will mean four additional manufacturing positions as they take the product to market. That's in addition to Aspin Kemp's current 125 employees.
The loan is conditionally repayable over several years, which according to ACOA's website means the loan is based on the project achieving certain success factors or milestones.