By Tyler Waugh
A Mount Pearl developer and manufacturer of advanced wireless net monitoring, gear finding and target detection systems for fishing vessels has received $375,000 from a federal fund aimed at alleviating a business downturn because of U.S. tariffs.
Notus Electronics Ltd., said it will use the money to modernize and showcase its wireless marine monitoring products to customers, grow sales in domestic and international markets, and explore opportunities in Europe and Southeast Asia, while supporting jobs, strengthening global partnerships, and enhancing the company's competitiveness.
"The global marketplace is changing rapidly, but we see tremendous opportunities through diversification of markets, products and supply chains," said Francis Parrott, marketing manager of Notus, adding the funds will help accelerate the company's growth strategy.
The funds come from a total of $110 million controlled by the Atlantic Canada Opportunities Agency (ACOA) as part of the tariff response program, which is slated to provide $1.5 billion over three years to help Canadian business respond to global trade pressures by strengthening productivity and building long-term competitiveness.
"Newfoundland and Labrador-based businesses, like Notus Electronics, are developing innovative technologies, finding new ways to grow, and helping solve challenges around the world,” said Cape Spear MP Tom Osborne. “By supporting local companies through extraordinary times, we're investing in strong local businesses, good jobs, and resilient communities.”