Fisheries and Aquaculture Energy Efficiency Innovation Fund (FAEEIF)

The Fisheries and Aquaculture Energy Efficiency Innovation Fund (FAEEIF) provides structured financing options to support energy efficiency and sustainability initiatives in Nova Scotia's fisheries and aquaculture sectors. Tailored to meet diverse project needs, the fund maximizes support through a series of strategic financial contributions.

• Non-repayable, claims-based contributions covering 50% to 75% of project costs.
• Total funding support through all third-party sources capped at 80% of the total project cost, requiring a minimum applicant contribution of 20%.
• Specific funding limits of up to $250,000 for Study and Electrification Paths, and up to $100,000 for Renewable and Operational Efficiency Paths.
• Funding requests exceeding $100,000 for Study and Electrification paths require a business plan.
• Evaluations based on funding amount requested versus project impact, as per scoring criteria.

Eligibility for this grant is determined by several criteria specific to the applicant's profile and operational status.

• The applicant must be the end user of the proposed project.
• The applicant must have legal capacity to operate in Nova Scotia.
• The applicant must be in good standing with the Fisheries and Aquaculture Loan Board.
• Total funding stacking from all third-party sources must not exceed 80% of the total project cost, with the applicant contributing a minimum of 20%.

Who is eligible?

The Fisheries and Aquaculture Energy Efficiency Innovation Fund is open to businesses within the commercial fisheries and aquaculture sectors located in Nova Scotia. Eligible applicants must be end users of the proposed project, have the legal capacity to operate in Nova Scotia, and be in good standing with the Fisheries and Aquaculture Loan Board. The program aims to encourage investments in innovative and efficient new practices tailored to reduce the impact of climate change. Applicants must comply with general eligibility requirements outlined in the FAEEIF Program Terms and Conditions.

Eligible expenses

The Fisheries and Aquaculture Energy Efficiency Innovation Fund covers expenses that fall within specific project paths to enhance energy efficiency and sustainability.

• Costs associated with the development and execution of a business plan exceeding $100,000 for the Study Path.
• Expenses related to electrification initiatives, supported up to $250,000 with necessary business plans for requests over $100,000.
• Investments in renewable energy projects, with funding available up to $100,000.
• Operational efficiency improvements, with projects eligible for funding up to $100,000.

Eligible geographic areas

This grant is available exclusively to companies operating within a specified region in order to meet the outlined energy efficiency objectives. As indicated, only businesses legally situated in Nova Scotia are eligible for this funding opportunity.

• Businesses located in Nova Scotia, Canada.

Here are additional relevant details for this grant:

• Total funding stacking from all third-party sources cannot exceed 80% of the total project cost.
• The applicant is expected to contribute a minimum of 20% to the project costs.
• In-kind contributions are not considered with respect to stacking limits and applicant contributions.
• Applications will be competitively reviewed per path by funding dollars requested versus impact as evaluated by the scoring criteria.
• If a study is conducted to support future work related to the Operational Efficiency or Renewable Path, the maximum limit for funding is $100,000.