Funding Will Support Development of Inocucor's Second Biological Crop Input for Agriculture
MONTREAL, Nov. 15, 2017 /CNW/ -- Inocucor Technologies Inc. has received approval for up to $7,770,087 in funding from Sustainable Development Technology Canada (SDTC), an arm's-length foundation of the Government of Canada that works with Canadian companies to bring early-stage clean technologies to market. The funding will support the development of Inocucor's second product, Synergro Free™.
Synergro Free is a bio-fertilizer that naturally increases yields in commodity row crops such as soybean, corn and wheat. The SDTC funding will support improvements in manufacturing efficiencies as well as production scale-up and marketing of Synergro Free to large-scale farmers in Canada and the U.S.
Montreal-based Inocucor is one of Canada's leading agri-tech companies. It uses a proprietary, patented microbial consortia technology to produce first-in-class, state-of-the-art biological products for agriculture. Its first product, Synergro™, is being sold to growers of high-value produce such as strawberries, tomatoes, lettuce and broccoli.
Both of Inocucor's products are among the first microbial products of their kind to be registered by the Canadian Food Inspection Agency (CFIA). In the U.S., Synergro is approved for use in 22 states and Synergro Free is registered in 17 states.
"The Government of Canada and the Province of Quebec have been strong supporters of Inocucor with research grants and non-dilutive capital programs since our early days," said Donald R. Marvin, president and CEO of Inocucor. "Our proprietary microbial consortia technology is well-aligned with SDTC's mission to bring cleaner technologies to Canadian agriculture."
"Our government's investments in clean technology reflect our commitment to protecting the planet. But they also point to a clear and strategic direction for economic development through innovation," said Navdeep Bains, Canada's Minister of Innovation, Science and Economic Development. "That's because innovations in clean tech will lead to products and services that have an impact on all sectors of the economy. And clean tech has the potential to create thousands of well-paying jobs for Canadians. That's how innovation leads to a better Canada."
Inocucor's first products are being produced at the firm's 10,000-square-foot R&D and pilot production laboratories at Technoparc Montreal. That facility will soon be expanded to 20,000 square feet to meet the company's increased R&D activities. Both products are designed to be compatible with existing agriculture practices.
Inocucor recently completed the $38.8 million CAD ($29 million USD) first close of its Series B financing round, with lead investor TPG Alternative and Renewable Technologies (San Francisco) and participation from Cycle Capital Management (Quebec), Desjardins Innovatech (Quebec) and Closed Loop Capital (U.S.).