Ocean technology facility on Halifax harbour gets $4.5 million investment

A project that will transform a section of Halifax's waterfront into an ocean research and development facility has received a multmillion-dollar investment.

Irving Shipbuilding announced today it will contribute $4.52 million to the Centre for Ocean Ventures and Entrepreneurship, in Dartmouth, as part an obligation under the National Shipbuilding Strategy that requires the company to re-invest a portion of its contract revenues.

In September, Ottawa committed about $7 million and the province about $12.5 million towards the project, which is transforming a former Canadian Coast Guard site into marine facilities with two deep-water piers.

Institute for Ocean Research Enterprise CEO Jim Hanlon says the 3.2-hectare site with a five-hectare water lot will be shared with small, medium and large private sector businesses.

He says the centre, known by the acronym COVE, will foster ocean technology startups and help existing ones grow, serving as a centre for local and global ocean technology companies, post-secondary institutions and researchers.

Hanlon says they put out a call for prospective tenants last week and there has been much interest in COVE, which is slated to open next year.