Federal funding announced for Foraco Canada Ltd.

Innovation is the focus of $170,000 in federal funding announced for Foraco Canada Ltd. in North Bay, which is an international mineral drilling services company.

Minister of State for Science and Technology Ed Holder joined MP Jay Aspin for the announcement.

The money is flowing from the Industrial Research Assistance Program through the National Research Council of Canada.

Foraco is developing a data acquisition system that will be used to capture and record essential production data from drilling rigs. From there, the information will be used to create and implement best practices for drilling under different conditions.

Officials say it will also increase overall productivity and the safety of crews and rigs.

“I am very pleased that our Government continues to invest significant resources promoting innovation for business development,” said MP Jay Aspin. “Our information, idea driven society demands innovation which is a key driver of economic growth and prosperity for our region.”

“NRC funding has allowed Foraco to more aggressively move toward our research and development initiatives,” said Tim Bremner, a Senior VP of the company. “This will not only provide a competitive advantage in a mature market such as Canada, but it will also allow us to export best practices and better serve clients.”