New Arctic investment firm aims to secure Canada’s North through infrastructure

By Elías Thorsson May 23, 2025
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Container ships anchor in English Bay before berthing at the Port of Vancouver, British Columbia, Canada, July 30, 2023. REUTERS/Chris Helgren

Nova Scotia billionaire and Clearwater Seafoods co-founder John Risley has launched a new private-sector venture to address what he calls Canada’s longstanding neglect of the Arctic. In a wide-ranging interview with The Globe and Mail, Risley said the country’s underinvestment in Arctic infrastructure undermines both economic opportunity and national sovereignty — and that his new company, Arctic Economic Development Corp. (AEDC), aims to change that.

With growing geopolitical pressure in the region and melting sea ice opening up new economic frontiers, Risley believes Canada must act fast to build the infrastructure needed to support communities, secure sovereignty, and unlock economic growth.

  • Risley has created the Arctic Economic Development Corp. (AEDC) to drive private-sector-led investment and infrastructure development across Canada’s Arctic — especially north of the 60th parallel.

  • AEDC aims to be a “one-stop shop” that pulls together capital, delivery capacity, and local partnerships to jump-start long-delayed projects.

  • A major focus is building projects with — not for — local communities. Risley emphasizes that Indigenous leaders will sit at the boardroom table, shaping decisions and investments.

  • AEDC is already working with Qikiqtaaluk leaders in Nunavut’s Baffin region on a project to procure polar-class icebreakers, led by marine company Horizon Maritime, which Risley co-owns.

  • The venture is also looking at Arctic satellite communications, warehousing, and transportation infrastructure to improve regional access and economic potential.

  • The startup is led by CEO Michael McNair, a former Tony Blair Institute executive and investment banker, and co-founded by Sean Leet, former CEO of renewable energy firm World Energy GH2.

  • Risley and others argue that rising Russian and Chinese activity in the Arctic makes infrastructure and presence more than just economic — it’s about national security.

  • Experts from Arctic360 and others welcomed Risley’s involvement but noted that private-sector investment in the Arctic already exists — and any new efforts should build on existing Indigenous-led and public-private collaborations.

  • Policy experts say Canada still lacks a long-term Arctic infrastructure strategy — something that projects like AEDC could help shape if aligned with broader goals.