Ottawa, Ontario - Canada recognizes that innovation drives prosperity, creates jobs, and is key to keeping the agriculture and agri-food sector strong and competitive. That is why, the Government of Canada announced today financing of close to $100 million for the new Merit Functional Foods plant in Winnipeg, Manitoba.
The federal financing for Merit Functional Foods includes:
- $10 million in a repayable contribution from Agriculture and Agri-Food Canada’s AgriInnovate Program;
- $25 million in debt financing from Farm Credit Canada;
- $55 million in debt financing from Export Development Canada; and
- $9.2 million from the Protein Industries Canada supercluster announced earlier to support a project for the commercialization of a new highly soluble, highly functional pea and canola protein isolates.
Merit Functional Foods will construct a commercial-scale protein extraction facility that will produce plant proteins superior in solubility, flavour and purity. Merit Functional Foods will be the first facility in the world with the capability to produce food-grade canola protein ready and safe for human consumption.
Merit Functional Foods plant will source 100 percent of its inputs from Canadian producers, with a projected forecast to utilize 10,000 metric tonnes of yellow peas and 17,000 tonnes of canola seed in its first year.
This plant, scheduled to be fully operational in December 2020 will create 80 new jobs and will help to establish the region as a world-leading agriculture and processing hub.
Consumer demand for plant-based proteins is growing in both Canada and markets around the world. This innovative technology provides alternatives to animal and dairy derived proteins, adding value to our grain commodities and plant-based proteins.
Source : Government of Canada