Grant to help Wembley co Petroteam Pty Ltd develop fish farming

17/8/99

A Wembley company, Petroteam Pty Ltd, has been awarded a $50,000 State Government grant to help it develop a cage enabling fish farming to extend out into the open ocean.
Petroteam was one of nine companies to receive Western Australian Innovation Support Scheme (WAISS) grants totalling almost $440,000, announced today by Commerce and Trade Minister Hendy Cowan.
"The grant will be used to help fund the design and manufacture of a full-scale commercial-sized submerged fish cage, able to withstand the currents, waves and surges of the open ocean," Mr Cowan said.
"If proven to be commercially viable, the cages could open up vast areas of offshore WA to controlled farming for both finned fish and shell fish.
"This is very much the kind of project WAISS grants are designed to assist."
"The company has an innovative idea which responds to the needs of the State's aquaculture industry and promises greater use of one of our great natural resources - our long coastline.
"The project could bring large economic and employment benefits to WA and help to make us a leader in one of the last great food producing challenges on this planet.
"Submerged cage aquaculture is a relatively new fish farming technique, currently only practised by the Russians in the inland Caspian Sea to grow sturgeon and in a modified form by the Canadians to grow salmon."
Since 1993, WAISS grants totalling $3,821,906 has helped 83 small WA companies to develop new products and processes.
"For this latest round of grants there were 45 applicants and they were all subjected to rigorous evaluation by an independent advisory panel of six people experienced in turning good ideas into commercial products," he said.
"The panel found that Petroteam had a well-structured plan which merited a boost to help it move closer to commercial development.
"We wish them the best of luck and hope that the Government's WAISS grant will help them succeed."
Mr Cowan said the nine projects funded showed great initiative and creativity, with an astonishing range of ideas - from a machine to clean equipment in the minerals processing industry, to a device with the potential to detect non metallic land mines buried as deep as 30cm beneath the surface.
Two rounds of WAISS grants are awarded each year to help offset the risks involved in research. Winners are required to complete their research in 12 months and meet agreed targets along the way.
Applicants must fund at least half their costs and the maximum grant is $50,000.
Information on WAISS is available from the Business Assistance Gateway at the Department of Commerce and Trade: (08) 9481 2525, or country freecall 1800 199 251.
Media contact: Peter Jackson 9222 9595