Canadian Protein Ingredients Ltd and Protein Industries Canada combine for a total of $27.3 million in funding
By Farms.com
Lindsay, Ontario - Canadian Protein Ingredients Ltd in partnership with Protein Industries Canada is committing $27.3 million towards a project to use a proprietary process to produce ingredients from Canadian-grown, non-GMO soybeans.
The project will produce soybean ingredients and soybean oil that comply with organic and non-GMO labelling standards.
“This investment enables Canada Protein Ingredients to meet growing global demands with completely made-in-Canada products,” said Jim Millington, Chief Executive Officer of Canada Protein Ingredients. “There is currently no soybean protein isolate or concentrate manufacturing capacity in Canada, despite soybeans being a major crop for farmers. CPI is poised to commercialize Canadian science, further process Canadian soybeans and respond to a global market hungry for plant-based protein.”
Canada Protein Ingredients in Guelph, Ontario, will be responsible for processing 25,000 tons of crops annually in its new facility. The location for the new facility is expected chosen and construction is expected to begin within the next 18 months.
Ingrédients Protéiques du Canada Ltée (CPHPC), DJ Hendrick International, Agrocorp Processing, Semences Prograin and Synthesis Network are also all partnering in the project.
Semences Prograin will use their analysis lab in Quebec to develop and test new non-GMO soybean varieties created for Canada’s growing conditions. DJ Hendrick International, which focuses on international business opportunities for Canadian innovations, and Agrocorp Processing, a business of Singapore-based Agrocorp, will lend their expertise to assist in developing, testing, and marketing the new products for international markets. Guelph-based Synthesis Network is a consulting and communications firm specializing in agriculture and food.
"Helping Canada rise from being a commodity supplier to a world-renowned supplier of plant-based ingredients is part of Protein Industries Canada's mission," said Bill Greuel, chief executive officer of Protein Industries Canada. "This project is yet another step we take in that direction. Harnessing the potential of new crop varieties developed and grown in Canada generates more opportunities across our entire value chain, from farmers to food manufacturers."