Government of Canada Invests in Pond Biofuels Inc.
An investment of $1.86 million by the Government of Canada will help two Canadian businesses grow their operations and collectively create a total of 22 new jobs in St. Marys, where the companies will be converting egg by-products and industrial emissions into high-value goods.
FedDev Ontario’s contribution of $947,500 through its Prosperity Initiative will allow Perth County Ingredients, a subsidiary of Vanderpol’s Eggs, to purchase the equipment needed to produce a high-value pet food ingredient using by-products from eggs produced in southern Ontario. A second contribution of $908,280 through FedDev Ontario’s Investing in Business Innovation initiative will help Pond Biofuels accelerate the commercialization of its technology used to capture carbon dioxide from raw stack emissions and produce algae that can subsequently be converted into biofuels.
„Pond Biofuels is ecstatic to partner with FedDev Ontario to leverage public and private contributions from our angel investors,“ stated Steven Martin, CEO and Chief Scientist of Pond Biofuels. „The Investing in Business Innovation initiative will allow us to accelerate the commercialization of our technology towards an industrial scale CO2-to-algae facility.“
The investment announced today supports the Government of Canada’s science, technology, and innovation agenda, which is focused on increasing the country’s productivity, creating jobs and growing the economy.
FedDev Ontario is providing Pond Biofuels with a repayable contribution of up to $908,280 through its Investing in Business Innovation initiative. In addition to this investment, $2 million in private-sector funding has been leveraged from a group of accredited angel investors belonging to SG Biomaterial Investments. Located in Toronto and incorporated in 2008, Pond Biofuels develops technology to produce alternative fuels using algae grown with industrial emissions.
Through FedDev Ontario’s investment, Pond Biofuels will complete the first phase of construction on its commercial-scale pilot demonstration plant in partnership with St. Marys Cement. This facility will allow the company to demonstrate that its technology can efficiently and cost-effectively offset harmful industrial emissions and create a high-value algae product that can be converted into fuel, such as bio-diesel. This investment will help Pond Biofuels accelerate the commercialization of its technology, attract new industrial partners, and reach global markets. It will also enable the company to create nine full-time equivalent jobs.
Source: Fed. Dev. Canada