Alberta’s government continues 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 Canada’s Premier Food Corridor. One of the tools available is the Investment and Growth Fund. The Investment and Growth Fund increases Alberta’s ability to compete for investment and is one of the first deal-closing incentives in Canada.
Budget 2024 builds on the success of the Investment and Growth Fund so far and dedicates $15 million to secure private-sector investments across Alberta. 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.
“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.”
Grant Hunter, MLA for Taber Warner; Minister Matt Jones; Jonas Swarttouw, Executive Vice President, Commerical, NewCold; Rick Christiaanse, CEO, Invest Alberta Corporation
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.
Alberta’s government invested $2 million through the Investment and Growth Fund to secure NewCold’s investment in a 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.”
“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.”
"We are thrilled to welcome NewCold to Coaldale and look forward to celebrating the grand opening of its brand new, state-of-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."
Since 2021, the Investment and Growth Fund has helped to attract in excess of $600 million in investments from private companies. These investments are supporting more than 1,000 permanent full-time and over 700 temporary jobs throughout the province.
The Invest Alberta Corporation also plays a role in attracting investment to the province that creates jobs for Albertans in a variety of industries. The arms-length government agency helps position Alberta as a top destination for foreign, high-value private sector investment.
“NewCold’s $222-million investment is a major win for southern Alberta, creating more than 50 permanent new jobs and positioning Coaldale as an export hub. Collaboration among Alberta’s business-friendly agencies was key to NewCold’s final decision, with Coaldale, Invest Alberta and the province pitching in to help the company bring their vision to life.”
Quick facts
- The Investment and Growth Fund (IGF) is designed to be offered in select late-stage investment decisions.
- In 2023-24, announced IGF projects included:
- Fortinet developing a $30-million cybersecurity firm in downtown Calgary creating 85 permanent and 80 temporary jobs.
- Structural Truss Systems Ltd. expanding a 180,000-square-foot facility in Fort Macleod, creating 33 permanent and 12 temporary jobs.
- S3 Group developing a 22,000-square-foot facility in Medicine Hat, creating 100 new permanent jobs and 14 temporary jobs.
- English Bay constructing a 100,000-square-foot factory in Stony Plain, creating 70 new permanent jobs and 90 construction jobs.
- Applexus Technologies establishing its Canadian headquarters in Calgary, creating 125 permanent jobs.