NSBI Approves Innovation Rebate

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of an innovation rebate for Surrette Battery Company Limited.

Since 1959 Surrette Battery has been a leading North American manufacturer of lead storage batteries.

The Springhill-based company is investing in new equipment and technology to increase the plant’s output. By proceeding with a $4,800,990 total capital investment in automation and formation equipment, the company will increase its capacity, and take on more business in international markets.

The company is eligible to earn a maximum innovation rebate of $1,200,247 upon completion of its project, based on eligible capital spending of $4,800,990.

To be considered for an innovation rebate, a company's total project costs must be between $2 million and $15 million. An approved rebate is up to 25 per cent against eligible project costs.

Quick facts:

• the Innovation Rebate Program was developed in consultation with Nova Scotia companies
• the Innovation Rebate Program provides financial incentives on projects that enable a company to increase innovation capacity through private-sector capital investments or adoption of new technologies and business processes
• the program provides up to a 25 per cent rebate based on eligible project costs, as defined in the Innovation Rebate Program Guidelines
• the total project cost must be between $2 million and $15 million. The maximum amount of eligible project costs to which the rebate will be applied is $15,000,000
• the maximum rebate amount for an eligible project, including related parties, cannot exceed $3,750,000 over a 24-month period
• the innovation rebate works as a rebate against a company's direct costs and is only paid out once the project is complete

Information on NSBI transactions can be found at http://www.novascotiabusiness.com/fundingdisclosures .