Business
Burcon Receives Co-Investment from Protein Industries Canada to Scale-Up and Commercialize Hempseed and Sunflower Seed Protein
Vancouver, British Columbia--(Newsfile Corp. - March 12, 2024) - Burcon NutraScience Corporation ...
About this update from Burcon Nutrascience Corporation
[{"type":"text","content":"Burcon Receives Co-Investment from Protein Industries Canada to Scale-Up and Commercialize Hempseed and Sunflower Seed ProteinVancouver, British Columbia--(Newsfile Corp. - March 12, 2024) - Burcon NutraScience Corporation (TSX: BU) (\"Burcon\" or the \"Company\"), a global technology leader in the development of plant-based proteins for foods and beverages, is pleased to announce that it has received a co-investment from Protein Industries Canada (\"PIC\") for the scale-up and commercialization of hempseed and sunflower seed protein.In collaboration with HPS Food & Ingredients and Puratos Canada, Burcon will lead the commercialization efforts for its new-to-the-world high purity hempseed and sunflower seed protein ingredients. The $6.9 million project includes a $3 million co-investment from PIC to support the commercial scale-up of these novel protein ingredients and the development into innovative consumer food and beverage applications.\"With support from PIC, we can accelerate our commercial plans,\" said Kip Underwood, Burcon's chief executive officer. \"This non-dilutive government funding not only strengthens our balance sheet but also positions us to meet the growing customer demand for our hemp and sunflower proteins. We are thrilled to introduce these exceptional proteins to the market and look forward to working closely with HPS and Puratos on this innovative project.\"There is a significant gap between the needs of consumers today and the performance of plant proteins on the market. As consumer preferences evolve, there is a pressing need for diverse protein alternatives that deliver superior product performance. Burcon’s first-of-its-kind high purity hempseed and sunflower seed proteins can help solve these formulation challenges opening access to a multi-billion-dollar addressable market opportunity.\"The development of new ingredients and food manufacturing is integral to growing and strengthening Canada's agrifood sector. Increasing ingredient manufacturing can help diversify our agriculture sector and increase our productivity, creating new economic growth for Canada,\" Protein Industries Canada CEO Bill Greuel said. \"Together, Burcon, HPS and Puratos are developing a line of ingredients, food and beverage products that will do this, while also bringing new, diverse protein options to market.\"About...