Protein Industries Canada secures US$950 million in federal funding

CANADA – Protein Industries Canada has been named as a beneficiary of the federal Innovation Superclusters Program, securing US$950 million in funding meant to be shared among four other regional finalists under Canada’s federal program.

Supported by Ag-West Bio and regional partners, Protein Industries Canada is a cooperative involving small to large-sized enterprises involved in food and food ingredient manufacturing, agriculture and food-related services, research and development, technology, economic development, finance and investment, education and training.

Innovation Superclusters Initiative was launched by the government of Canada, a project included in its Budget 2017 to support business-led innovations in a way to revive the economy and stimulate growth.

The initiative aims to provide Canada with an incentive to grow industry partnerships focused on developing the potential of plant-based proteins from crops such as canola pulses, grains, hemp and flax.

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According to Frank Hart, chairman of Protein Industries Canada, plant-based protein was about a US$13 billion market, with Canada holding only a small share thus, there was need to use this opportunity grow the industry before being taken up by competitors.

“I want to thank the federal government for their vision in investing in this project and particularly Ministers Goodale, Nohi, and Carr for their work in securing the investment,” said Frank Hart, chairman of Protein Industries Canada.

“This is an exciting opportunity for agricultural across the Prairies and food processors across Canada.”

The company further noted that the organisation had secured US$400million of cash from in-kind commitments and venture capital support from members to add to the federal government’s investment.

The group said that the initiative was expected to raise more than US$700 million in new commercial activity and billions in incremental gross domestic product over the next decade.

Canada’s federal program is set to benefit all players in the business industry including farmers, service companies, and value added processors, academic institutions and consumers.

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Protein Industries Canada is working to position Canada globally as the leading centre of high quality plant-based protein through a joint effort from the members of the organisation including Archer Daniels Midland Co., Cargill, Dow AgroSciences Canada, DuPont Pioneer Canada, Louis Dreyfus Company Canada, and Richardson International Ltd.

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