Business
Burcon to Build $65 Million Pea and Canola Protein Production Plant
Vancouver, British Columbia--(Newsfile Corp. - May 23, 2019) - Burcon NutraScience Corporation...
About this update from Burcon Nutrascience Corporation
[{"type":"text","content":"Burcon to Build $65 Million Pea and Canola Protein Production PlantEstablishes New Operating Entity; Enters into Exclusive License AgreementVancouver, British Columbia--(Newsfile Corp. - May 23, 2019) - Burcon NutraScience Corporation (TSX: BU), a global leader in developing functionally and nutritionally valuable plant-proteins, is pleased to announce that it has entered into a joint venture partnership with an investor group to build a new C$65 million pea-protein and canola-protein commercial production facility in Western Canada. The protein production facility, which is planned to initially process approximately 20,000 tonnes of peas per year starting in mid-2020, will produce Burcon's Peazazz® and Peazac™ pea proteins, as well as Burcon's Supertein®, Puratein® and Nutratein® canola proteins. \"Today's announcements constitute a truly transformative event for Burcon, and a new chapter in Burcon's development focused on bringing the company's unique plant proteins to market directly as a producer.\" said Johann F. Tergesen, Burcon's president and chief executive officer. He added: \"Having the capacity to produce both our unique pea proteins, as well as our canola proteins, in our own production facility is a key pillar of our differentiation strategy. The ability to blend our pea and canola proteins to create nutritionally unparalleled plant protein combinations, while preserving the highly desirable functional properties the proteins naturally possess, will give us a true competitive advantage. We look forward to offering our pea and canola protein products to customers and consumers in Canada, North America and worldwide.\" Highlights of the Production Plant and Joint Venture Agreement Establishes a joint venture to build and operate a $65 million plant protein production facility.JV partner investor group has extensive operations expertise in production facility design and startup, as well as considerable expertise in the manufacturing and sale of plant proteins.JV partner investor group to invest up to $16 million in capital contributions in joint venture partnership.Enters into 20-year exclusive license agreement for Burcon's pea and canola protein technologies.Plant protein production facility designed to produce Burcon's Peazazz® and Peazac™ pea proteins, as well as Burcon's Sup...