NSBI Approves Innovation Rebate for Annapolis Valley Company
Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of an innovation rebate for den Haan Enterprises Limited, operating as den Haan Greenhouses, based near Middleton, Annapolis Co. Den Haan is a high-technology greenhouse business operating since 1963 by three den Haan generations.
The company will be proceeding with a $5,908,369 capital investment to implement the latest in LED lighting technology and control software to enable year-round growing of summer quality tomatoes and cucumbers, add more acreage in the future, and become more competitive within the produce market. Den Haan’s modernization of top growing technology will help to meet increased demand for the company’s projects throughout Canada and also support additional initiatives key to the company’s future success.
The company is eligible to earn a maximum innovation rebate of $1,403,023 upon completion of its project, based on eligible capital spending of $5,612,090.
- the Innovation Rebate Program provides financial incentives on innovative projects to enable companies to increase their innovation capacity
- 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 projects costs to which the rebate will be applied is $15,000,000
- the maximum rebate for an eligible project cannot exceed $3,750,000 over 24 months
- the innovation rebate works as a rebate against a company’s direct costs and is only paid out once the project is complete
For additional resources on NSBI transactions, http://www.novascotiabusiness.com/fundingdisclosures