QUÉBEC CITY, June 13, 2013 /CNW Telbec/ - Innoventé Inc. ("Innoventé" or
the "Corporation") (TSXV: IGE) today emphasized the end of the
construction and the upcoming production of the first kilowatt-hours at
its new Saint-Patrice-de-Beaurivage facilities by welcoming the
Minister for Industrial Policy and the Banque de développement
économique du Québec, Élaine Zakaïb. Investissement Québec supported
Innoventé with a $5 million financing for the acquisition and the
construction of new assets and equipment for this major renewable
energy production project showcasing a unique technology.
"This ambitious project is proof that my government is very proactive
when it is time to support innovative and clean technology development
projects. Québec's economic future and wealth creation depend on a
green and sustainable economy. By prioritizing environmentally sound
innovation and product manufacturing, Québec will enjoy a prosperous
future in a world where competition is increasingly dynamic. I salute
Innoventé for its excellence. Its great respect for the existing
ecosystems is a fine example of success in the green energy sector,"
pointed out Minister Élaine Zakaïb.
"The end of the construction and the upcoming production of our first
kilowatt-hours are important milestones for Innoventé. The
Saint-Patrice-de-Beaurivage project required considerable investments
and it could not have been completed without the support of visionary
financial partners like Investissement Québec. Innoventé has already
created more than thirty jobs, and there are more to come due to our
growth projects for the next years," noted Richard Painchaud, President
Innoventé's green energy production in St-Patrice-de-Beaurivage is based
on a 25-year power supply contract with Hydro-Québec. With a view to
compliance with this contract's requirements, Innoventé will begin in
the next few days the required tests to proceed with the first
Hydro-Québec network synchronization and input therein its first
kilowatt-hours. Those tests will be followed at some stage by various
compliance tests including, inter alia, uninterrupted maintenance of
production at least equivalent to 95% of the cogeneration plant's
power, during a period of 100 consecutive hours. After the completion
of these tests and fulfillment of all the other contractual
requirements, electricity sales to Hydro-Québec may begin according to
the contract terms.
About Investissement Québec
Investissement Québec's mission is to foster the growth of investment in
Québec, thereby contributing to economic development and job creation
in every region. The Corporation offers businesses a full range of
financial solutions, including loans, loan guarantees, and equity
investments, to support them at all stages of their development. It is
also responsible for administering tax measures and prospecting for
Based in Québec City, Innoventé produces renewable energy and provides
communities with a green and sustainable solution for the management of
organic residues through its technology patented in Canada and the
United States. Innoventé's shares are listed on the TSX Venture
Exchange under the symbol IGE (TSXV: IGE).
Caution Regarding Forward-Looking Information
Certain statements contained in this document, including those that
express management's expectations or estimates regarding the
Corporation's future performance, are "forward-looking information"
within the meaning of applicable securities legislation.
Forward-looking information is necessarily based on a certain number of
estimates and assumptions which, while considered plausible by the
management when they are made, are inherently subject to significant
commercial, economic and competitive risks and uncertainties. We advise
investors not to rely unduly on forward-looking information. The
Corporation further declines any intention or obligation to publicly
update this forward-looking information, whether due to new
information, or future or other events.
Neither the TSX Venture Exchange nor its regulation service provider (as
these terms are defined in policies of the TSX Venture Exchange) bears
responsibility for the adequacy or accuracy of this press release.
SOURCE: Innoventé Inc.
For further information:
Director of Communications, Innoventé Inc.