Darwin-based Life H2O Australia has received a $2.5 million co-investment through the fund, which will see the business expand its workforce and relocate to a larger premises in Winnellie.
Life H2O Australia develops unique portable water purification and desalination systems, which will be useful to remote communities, emergency and disaster responses, and particularly Defence operations.
The investment will see the business scale up operations and create 15 new positions over the next five years.
Darwin seafood business, Headland Food Group, received a $2 million business concessional loan as part of the fund.
The investment will help establish a new seafood processing facility within Darwin Fish Markets, improving vertical integration of the local seafood industry and boosting the Territory’s reputation of producing the best fish in Australia.
The funding has also unlocked private finance to help grow the business’s commercial fishing fleet.
The investment will help Headland create 22 new jobs and it is expected to contribute $55.3 million to the Territory’s gross state product over three years.
The Territory Government’s Local Jobs Fund is continuing to create jobs and drive private investment and innovation in the Territory.
Together the approved $4.5 million investment into the two local businesses will expand capability and capacity, grow Territory exports and the local workforce.
To date, the Local Jobs Fund has invested in 13 projects, estimated to generate $342.6 million into the Territory economy over the next three years.
Chief Minister Natasha Fyles says the $189 million co-investment Local Jobs Fund was set up to accelerate significant projects to grow the economy and increase Territory exports to interstate and international markets.
“This investment is giving Territorians with unique ideas a leg up and turning them into realities,” she says. “It’s paving the way for new businesses to emerge and expand, as well as creating new job opportunities for Territorians. Both the Headland Group and Life H2O are examples of having an idea that creates jobs and further expands the Territory’s horizons.”