Merit Gets $100 Million Help

OTTAWA - Jun 23/20 - SNS -- The Canadian government has provided $100 million in financing for the new Merit Functional Foods fractionation plant for peas and canola.

Expected to open in December, the plant has the capacity to process 10,000 metric tons (MT) of peas and 17,000 MT of canola annually into protein, starch and fiber components.

Of the total money:

- $10 million in a repayable contribution from Agriculture and Agri-Food Canada’s AgriInnovate Program;

- $25 million in debt financing from Farm Credit Canada;

- $55 million in debt financing from Export Development Canada; and

- $9.2 million from the Protein Industries Canada supercluster announced earlier to support a project for the commercialization of a new highly soluble, highly functional pea and canola protein isolates.