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FREDERICTON - A week before a new Conservative budget is to be unveiled in Ottawa, an infusion of federal money for research and development in the province is being peddled as both a long-term stimulus measure and a catalyst for quick economic growth in tough economic times.

Minister of the Atlantic Canada Opportunities Agency Keith Ashfield was in town Monday to announce $17.5 million for eight New Brunswick projects under the federal government agency's flagship Atlantic Innovation Fund.

The money is part of a $51.8 million pot earmarked for investments in innovation across Atlantic Canada in 2009. This is the sixth round of funding since the program was launched in 2001, bringing the total price tag for taxpayers to nearly $575 million.

For each public dollar spent, projects are expected to leverage about $1.25 more from other private and public sector sources, bringing the total value of investment in New Brunswick to nearly $35 million, according to the agency.

"Atlantic Canada's prosperity depends not just on meeting the challenges of today but on building the innovative, knowledge-based economy that will create opportunities and jobs in the future," Ashfield said during the press conference at the University of New Brunswick's Wu Conference Centre.

"The fund," he added, "has proven to be a powerful driver of innovation and competitiveness by helping Atlantic Canada's innovators, researchers and entrepreneurs grow their ideas into leading-edge products and technologies."

The areas that received funding include universities, businesses and research institutions in New Brunswick.

Some of the projects include the recycling of organic residues and compost into fertilizer, the development of a commercial energy recovery ventilation system to reduce the energy consumption of industry and a biotechnology project to help the pulp and paper industry.

Radian6 Technology Inc. will receive about $3 million from the fund over a four-year period. The company will use the financial backing to create an online marketing dashboard that monitors blog posts, online videos, photo sharing and social media websites for public relations firms and companies can keep their finger of the pulse of public opinion.

"Websites like Twitter, YouTube, Myspace and Facebook are popping up every day," said Marcel LeBrun, the chief executive officer of the tech firm. "We catch what people are saying and filter the information so companies know what's being said about their brand," he said in an interview after the press conference.

The money will expand their workforce of 45 to over 60 in 2009 alone, LeBrun said, helping them meet growing demand.

"We have over 300 clients now with names like Dell Computers, Home Depot and Moosehead Breweries," LeBrun added. "Over the last five quarters we've grown 100 per cent each quarter - basically doubling our business every quarter."

While only seven projects were unveiled Monday, Ashfield will travel to the Shippagan Campus of the Universit