Forestry Innovation Transition Trust Approves Project in Weymouth
NOTE: This release is on behalf of the Forestry Innovation Transition Trust
The board of the Forestry Innovation Transition Trust announced today, December 8, a $2.5 million investment in a project at Lewis Mouldings and Wood Specialties Ltd. in Weymouth.
The funding will allow the company to acquire two new pieces of equipment as it rebuilds a plant that was extensively damaged by fire earlier this year.
The equipment will be used to make high-value moulding products from low-value wood supply, such as tree tops. This work will support ecological and sustainable forestry practices, while also creating an economic benefit for woodlot owners.
To date, the Forestry Innovation Transition Trust has approved 10 projects, committing more than $25 million of the $50 million fund. The fund may be used by companies, organizations or post-secondary institutions working and researching in the forestry and biological resources sectors, and forestry workers can access funding for training. The three-member trustee board reviews the submissions and makes spending decisions.
This project advances innovation in and renewal of the sector, furthering sustainable forestry practices in the province. With this equipment, Lewis Mouldings will produce high-value products from low-value wood fibre that would otherwise be unused, a goal of the Lahey Report. There is a strong market for these mouldings. The Trust is pleased to support this project and an important employer and contributor to the forestry sector.
Rosalind Penfound, Chair, Forestry Innovation Transition Trust
Lewis Mouldings is very appreciative of this support. This investment will help us purchase equipment to create high value products out of low-grade fibre. Ecological forestry demands that markets exist for forest products of varied quality and volumes. FITT's investment will help create such a market.
Jamie Lewis, President, Lewis Mouldings and Wood Specialities Ltd.
- the Trust will remain open until March 31, 2025, or until funds have been spent
- the trustees are Rosalind Penfound, Douglas Hall and David Saxton
- projects may include the development of high-value products and/or new and enhanced business models, processes or services, inclusive economic growth opportunities and new ecological services
- the Trust accepts applications from businesses, organizations and post-secondary institutions three times a year; the next round will be in the spring
- forestry workers can apply at any time for funding to support training or retraining
More information about the Nova Scotia Forestry Innovation Transition Trust is available at: https://novascotia.ca/forestry-trust/