BioNeutra is receiving an injection of $2.94 million from Western Economic Diversification Canada (WD) to accelerate the company's manufacturing capacity. The funding for the Edmonton-based company will be provided over three years.
"This partnership with WD will allow BioNeutra to produce more products and sell to more companies in Canada and around the world. We're a Canadian flag carrier which also helps with Canada’s export reputation," BioNeutra chief operating officer Dr. Steve Jakeway told Taproot.
BioNeutra is an award-winning organic plant-based food manufacturer, focusing on converting starch molecules to healthier food ingredients without chemical modification. BioNeutra's lead product VitaFiber® IMO was recently named the world's top beverage ingredient by industry publisher FoodBev.
In addition to expanding BioNeutra's production line capacity, WD's investment will help the company grow on a variety of fronts.
"(The funding) will intensify our sales and marketing activities to promote our products in new markets, research and development activities in our labs as well as adding to our administration and support functions," said Jakeway. "One of the first impacts will be the installation of new equipment over the summer months that will significantly increase our output."
WD Canada said in a statement that the funding boost will enable BioNeutra to acquire the equipment needed to double its manufacturing capacity and move its bottling processes from a foreign supplier to the company’s Alberta facility.
"The federal investment will help to better position BioNeutra to expand globally, creating quality jobs for Albertans, and building on Canada's reputation as a leader in the agri-food sector. Over the next four years, the project is expected to result in more than 20 high-value jobs,” the news release said.
BioNeutra’s COO told Taproot that the support from WD indicates that "Edmonton and Alberta have industries outside of oil and gas that are innovative."
The company also recently launched a multi-phase research project to help with the development of new gut health products. Plus, BioNeutra was named one of the 500 fastest-growing companies in the Americas by the Financial Times.