BURLINGTON, ON, April 26, 2019 /CNW/ - EcoSynthetix Inc. (TSX:
ECO), a renewable chemicals company that produces a portfolio of
commercially proven bio-based products, today announced that
Marie-Claude Bibeau, Minister of
Agriculture and Agri-Food, and Karina
Gould, Minister of Democratic Institutions, visited the
Company's Centre of Innovation in Burlington, Ontario to announce federal
funding for the bioproducts sector.
The Federal Government announced a federal investment of up
to $11.2 million to the Bioproducts
Cluster under the Canadian Agricultural Partnership. The cluster,
led by Bioindustrial Innovation Canada, will include an additional
$10.9 million in contributions from
industry, for a total investment of $22.1
million. The goal is to provide alternatives to
non-renewable based materials that will help meet Canada's commitment to reducing Greenhouse Gas
(GHG) emissions and shift towards a renewable-based economy.
"Ecosynthetix is an important partner in Canada's transition to a more sustainable,
low-carbon economy. As a leader in biochemical innovation, they
continue to provide opportunities for job growth and economic
development here in southern Ontario, while creating new markets for
Canada's farmers," said Minister
Gould, the Member of Parliament for Burlington.
One of the projects that will be supported from the Canadian
Agricultural Partnership includes an investment of up to
$2 million to EcoSynthetix to develop
new green resins for adhesive binders in wood products. This could
potentially benefit the environment by providing the construction
industry with a greener building product.
"Consumers, retailers and manufacturers are searching for
sustainable alternatives that offer both value and comparable
performance to traditional materials that are non-renewable or use
harmful chemicals. We have developed and commercialized a platform
technology that achieves both of these important attributes for
sustainable alternatives, value and performance," said Jeff MacDonald, CEO of EcoSynthetix. "Not only
will this funding allow us to invest in additional product
development and human capital at our Centre of Innovation in
Burlington - it supports our work
in the wood composites market with our No-Added Formaldehyde
DuraBind™ resin that targets particle board, medium density
fibreboard and orientated strand board which we commercialized in
2016."
About EcoSynthetix Inc. (www.ecosynthetix.com)
EcoSynthetix offers a range of sustainable engineered biopolymers
that allow customers to reduce their use of harmful materials, such
as formaldehyde and styrene-based chemicals. The Company's flagship
products, DuraBind™ and EcoSphere®, are used to
manufacture wood composites, paper and packaging, and enable
performance improvements, economic benefits and sustainability. The
Company is publicly traded on the Toronto Stock Exchange (TSX:
ECO).
Associated Links:
Canadian Agricultural
Partnership
BioIndustrial Innovation Canada
SOURCE EcoSynthetix Inc.