Province supporting new investment in Coaldale
Alberta’s agriculture sector is growing with a $222-million investment from NewCold to develop its first Canadian facility in Coaldale.
The provincial government says it’s continuing to work to ensure businesses in southern Alberta’s rural communities have access to resources and infrastructure that will help them become domestic and export hubs in what’s known as Canada’s premier food corridor.
One of the tools available is the Investment and Growth Fund which the UCP says increases Alberta’s ability to compete for investment and is one of the first deal-closing incentives in Canada.
Budget 2024 dedicates $15 million to secure private-sector investments across Alberta and among the total funding, $5 million is reserved for the rural stream to create jobs and attract investment in rural communities.
Alberta’s Investment and Growth Fund rural stream will support NewCold’s new facility in Coaldale, which will create more than 50 permanent and up to 200 temporary jobs.
NewCold offers innovative and sustainable cold food storage solutions. This project will bolster the growth of Alberta’s agriculture sector, further diversify our economy, create good jobs and support economic prosperity in rural Alberta, says the province in a release.
“Alberta’s government is attracting investment like NewCold to the province because of our business-friendly policies and programs. The Investment and Growth Fund compliments the province’s low corporate tax rate, highly skilled workforce and commitment to reduce administrative burden, which means businesses can invest with confidence,” said Matt Jones, Minister of Jobs, Economy and Trade.
NewCold was founded in the Netherlands in 2012, and their new facility will provide much needed capacity for Alberta food processors to increase production.
The new facility will also leverage the province’s economic corridors, such as rail, to ensure NewCold’s customers can get their goods to market. Alberta’s abundance of natural resources makes it an ideal location to invest in the agriculture sector, says the province.
Alberta’s government invested $2 million through the Investment and Growth Fund to secure NewCold’s investment in the new Coaldale facility, marking their entry into the Canadian market and reaffirming Alberta’s economic strength.
“Agriculture is a key industry for Alberta, and NewCold’s investment is a win for both processors and producers. This project is a welcome boost to our economy and will help cement Alberta’s position as a leader in agriculture and agri-food investment,” said RJ Sigurdson, Minister of Agriculture and Irrigation in the release.
“We recognize Alberta’s growing importance in North America’s food supply chain, so developing a facility in the province is a key part of our strategic global expansion. NewCold is committed to building a better food supply chain that is more resilient and efficient. Our new state-of-the-art facility will bring advanced food logistics to Alberta, ultimately helping our customers serve theirs and benefiting consumers,” said Bram Hage, founder and CEO of NewCold.
“We are thrilled to welcome NewCold to Coaldale and look forward to celebrating the grand opening of its brand new, stateof-the-art cold storage facility. With this historic investment, Coaldale continues to establish itself as a major logistics and investment hub within Canada’s Premier Food Corridor. We are excited to welcome NewCold into our growing business community and would like to thank Invest Alberta, Minister Matt Jones and everyone at the ministry of Jobs, Economy and Trade for their support of this amazing project,” said Coaldale mayor Jack Van Rijn in a statement.
Since 2021, the Investment and Growth Fund has helped to attract in excess of $600 million in investments from private companies, the province notes. These investments are supporting more than 1,000 permanent full-time and over 700 temporary jobs throughout the province.