Canada Economic Development



Canada Economic Development

January 20, 2014 15:00 ET

Government of Canada Awards Funding to Innoltek Inc.

THETFORD MINES, QUEBEC--(Marketwired - Jan. 20, 2014) - Canada Economic Development

Acting on behalf of the Honourable Denis Lebel, Minister of Infrastructure, Communities and Intergovernmental Affairs and Minister of the Economic Development Agency of Canada for the Regions of Quebec, the Honourable Christian Paradis, Member of Parliament for Mégantic-L'Érable, Minister of International Development and Minister for La Francophonie, today announced that the firm Innoltek Inc. has received financial assistance to boost the productivity and production capacity of its biodiesel manufacturing plant.

This assistance has been granted in the form of a $160,000 repayable financial contribution under the Canadian Initiative for the Economic Diversification of Communities Reliant on Chrysotile.

Quick facts

  • Canada Economic Development made an initial investment in Innoltek in 2012 for the acquisition of equipment during plant construction.
  • Today's contribution will enable the enterprise to make leasehold improvements and acquire new plant equipment to increase its performance and thus its profitability.
  • The Canadian Initiative for the Economic Diversification of Communities Reliant on Chrysotile supports projects related to the diversification of economic activity in the Les Sources and Des Appalaches regional county municipalities (RCMs) to create short- and long-term jobs.

Quote

"By supporting Innoltek Inc. in the acquisition of equipment, our Government is showing once again that it is committed to investing in projects that help grow Canada's economy."

Christian Paradis, Minister of International Development and Minister for La Francophonie

Related links

- Launch of the Canadian Initiative for the Economic Diversification of Communities Reliant on Chrysotile

- Government of Canada lends financial support to Innoltek Inc.

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