Canada Economic Development

Canada Economic Development

June 27, 2012 11:30 ET

Government of Canada Lends Financial Support to Innoltek Inc.

THETFORD MINES, QUEBEC--(Marketwire - June 27, 2012) - Acting on behalf of the Honourable Denis Lebel, Minister of Transport, Infrastructure and Communities and Minister of the Economic Development Agency of Canada for the Regions of Quebec, the Honourable Christian Paradis, Minister of Industry and Minister of State (Agriculture), today announced that the firm Innoltek Inc. has been granted financial assistance to acquire equipment for its new biodiesel production plant.

"By supporting innovative enterprises like Innoltek, the Government of Canada is encouraging the commercialization of new products, stimulating sustainable economic growth and fostering the creation of quality jobs," said Minister Paradis.

The new plant, which will engage in the bulk production of biodiesel using recycled oils, will make it possible to add value to a material that is currently of little use. The facility will contribute to the development in Thetford Mines of an industrial oleochemical hub and help diversify the local economy. Innoltek will manufacture biodiesel that satisfies oil industry standards and meets the growing demand for this biodegradable product.

Established in 2012, the enterprise specializes in the production of biofuels for the concrete industry and construction sector. Biodiesel will be the latest addition to Innoltek's line of green products, which are all high-performance, non-toxic and biodegradable.

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This assistance, granted in the form of a $200,000 repayable financial contribution through Canada Economic Development's Business and Regional Growth program, will serve for, among other things, the acquisition of a distillation system, a boiler and reactors, as well as for the set-up of the plant, which will produce some two million litres of biofuel a year.

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