LUNENBURG - A Lunenburg company is one of seven in Atlantic Canada that will benefit from $61.1 million of federal investment under Round VII of the Atlantic Innovation Fund (AIF).

 Composites Atlantic Limited will be receiving approximately $1.9 million which will help cover the estimated $2.6 million cost of the development and industrialization of a new generation of advanced composite airline struts.

 The company will conduct research and development to combine two existing technologies to create a cost-efficient, hollow-core all-composite strut which will provide weight savings of 40 per cent and offer customers a high-quality product.

 Peter MacKay, minister of National Defence, who made the announcement last week on behalf of Keith Ashfield, minister of the Atlantic Canada Opportunities Agency, said that productivity and innovation are key factors in Canada's economic success.

 "The Atlantic Innovation Fund is an important catalyst for building research and development capacity in our region," he said. "This latest round of funding ensures that more research will continue to be undertaken, and more innovative ideas commercialized, so that Atlantic businesses continue to grow, adapt, diversify and become more competitive."

 The announcement brings to 29 the number of research and development projects from across Atlantic Canada that will benefit from the AIF support under Round VII of the program.

 Since 2006, almost $342 million has been invested through AIF in 144 such initiatives in Atlantic Canada, including 40 in Nova Scotia.

 "We are investing in realistic and achievable projects," Mr. MacKay said. "Projects that will advance our innovation and knowledge capacity, generate a range of alternative technologies and develop leading-edge products and processes."

 Composites Atlantic has been involved in the aerospace industry on both national and international markets since 1988 and currently employs over 400 people.

posted on 02/02/10