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 of Innoventé.
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 foreign investments.
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.
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Director of Communications, Innoventé Inc.