- Burcon NutraScience Corporation (BU) and Merit Functional Foods Corporation have received a co-investment from Protein Industries Canada to develop new plant-based meat alternative products
- A total of $7.6 million is being invested into the project with Protein Industries Canada providing half of the total investment into the project
- The project involves Merit Foods and Winecrush Technology providing their respective plant-based ingredients for the innovative new meat alternative products
- The new line of meat alternatives is expected to be distributed throughout Europe, Asia and North America
- The investment is Protein Industries Canada’s 22nd project under its technology program, and its 26th overall
- Burcon NutraScience Corporation (BU) is up 0.529 per cent and is trading at $1.90 per share at 3:50 p.m. ET
Burcon NutraScience (BU) and Merit Functional Foods have received a co-investment from Protein Industries Canada to develop new plant-based meat alternative products.
A total of $7.6 million is being invested into the project with Protein Industries Canada providing half of the total investment into the project.
Johann F. Tergesen, President and CEO of Burcon, commented,
“This funding support from Protein Industries Canada will help to strengthen Merit Foods’ position as the premier Canadian producer of innovative plant-based protein ingredients for the global food and beverage markets.”
The project involves Merit Foods and Winecrush Technology providing their respective plant-based ingredients for the innovative new meat alternative products.
It will be sold under Wamame Foods’ Waygu brand, as well as co-branded private label under Wismettac Asian Foods’ line of products.
Wamame President Blair Bullus added,
“This project will leverage the best in Canadian and Japanese agriculture, technology and culinary tradition to build a premium plant-based alterative that rivals the world’s most revered beef, Wagyu. Wamame’s plant-based Waygu will offer a new, sustainable alternative that promises consumers flavour and that melt-in-your-mouth culinary experience that Wagyu premium beef delivers.”
The new line of meat alternatives is expected to be distributed throughout Europe, Asia and North America.
The investment is Protein Industries Canada’s 22nd project under its technology program, and it’s 26th investment overall.
Protein Industries Canada has committed more than $425 million to Canada’s plant-based food, feed and ingredients ecosystem.
Burcon NutraScience Corporation (BU) is up 0.529 per cent and is trading at $1.90 per share at 3:50 p.m. ET.
