Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of an innovation rebate for John Ross and Sons Ltd.
Incorporated in 1955, the company specializes in the purchasing, grading, handling and processing of scrap metals from manufacturers, contractors, recycling yards and individuals.
John Ross and Sons Ltd. is investing in new technology to increase its capacity in markets outside Nova Scotia. The Halifax-based company is proceeding with a $4.5 million total capital investment to install a wire and cable recycling plant. The plant takes raw material and by using a range of technologies and processes, refines, separates and sorts the material into separate components.
This new plant will allow the company to extract high-valued materials more efficiently, and in turn, will increase productivity and capacity.
The company is eligible to earn a maximum innovation rebate of $1,070,296 upon completion of its project, based on eligible capital spending of $4.5 million.
To be considered for an innovation rebate, a company’s total project costs must be between $2 million and $15 million. An approved rebate is up to 25 per cent against eligible project costs.
Quick facts:
- the Innovation Rebate Program was developed in consultation with Nova Scotia companies
- the Innovation Rebate Program provides financial incentives on projects that enable a company to increase innovation capacity through private-sector capital investments or adoption of new technologies and business processes
- 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 project costs to which the rebate will be applied is $15,000,000
- the maximum rebate amount for an eligible project, including related parties, cannot exceed $3,750,000 over a 24-month period
- the innovation rebate works as a rebate against a company’s direct costs and is only paid out once the project is complete
Information on NSBI transactions can be found at www.novascotiabusiness.com/fundingdisclosures.
Source: Release