EDMONTON, July 28, 2015 /CNW/ - Alberta Innovates Bio Solutions' new funding program "Alberta Bio Future Product and Technology Commercialization," aims to increase the value derived from Alberta's abundant, renewable biomass resource with new products or technologies for the province's bioindustrial sector.
Bioindustrial products derived from agricultural or forest biomass are currently used in several sectors, ranging from areas such as personal care products, chemicals, the energy industry, construction and manufacturing. These products meet the world's growing demand for 'green' solutions, while demonstrating desirable qualities such as being strong, light-weight, or environmentally friendly.
"The market demand is evident," said Steve Price, CEO of Alberta Innovates Bio Solutions, "but taking a new bioproduct from the lab bench to commercial production is risky and expensive for many companies. With our new Alberta Bio Future Product and Technology Commercialization program we aim to help companies bridge this gap with funding, advice, and connections."
A minimum of $250,000 and a maximum of $1,000,000 is available for projects that need pilot or scale-up work, or prototype development and will be ready for the market within three years. Alberta-based companies are invited to apply by submitting a Letter of Intent. Deadline is Wednesday, September 2, 2015 at 4 p.m. MT. Details are available at http://bio.albertainnovates.ca/funding/abf/product-and-technology-commercialization/.
The industry-focused Alberta Bio Future program comprises three grant funding streams: Equipment Utilization (continuous intake of applications), Product and Technology Commercialization (one intake on September 2, 2015) and Research and Innovation (launching in summer 2015). Alberta Innovates Bio Solutions and Alberta Innovation and Advanced Education co-fund the program, with leadership and management by AI Bio. This program, slated to run until March 2019, aims to stimulate development of new bioproducts and technologies to expand Alberta's bioindustrial sector and broaden the province's economic base.
SOURCE Alberta Innovates - Bio Solutions
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For further information: Company or program inquiries may contact: Steve Price, Chief Executive Officer, Alberta Innovates Bio Solutions, 780.427.2567, email@example.com; Media inquiries may contact: Marie Cusack, Communications Director, 780.638.4060 (office), 780.918.4620 (cell), firstname.lastname@example.org