Canada Economic Development

Canada Economic Development

December 17, 2013 10:30 ET

Government of Canada Lends Financial Support to Innovente Inc.

SAINT-PATRICE-DE-BEAURIVAGE, QUEBEC--(Marketwired - Dec. 17, 2013) - 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, Jacques Gourde, Member of Parliament for Lotbinière-Chutes-de-la-Chaudière and Parliamentary Secretary to the Prime Minister, for Official Languages and for the Economic Development Agency of Canada for the Regions of Quebec, today announced that the firm Innoventé Inc. has been granted funding for the acquisition of manufacturing equipment.

"Our Government believes economic prosperity is achieved through investments like the one Innoventé Inc. is about to make to boost its production capabilities and become more competitive," said Mr. Gourde.

Innoventé has developed innovative bio-drying technology to convert various types of organic waste, including pulp and paper sludge, municipal sewage and manure, into a renewable fuel source for the production of electricity and heating energy. Known as SHOC ™, this unique patented process uses up to six times less energy than traditional drying methods. Thanks to this efficient technology, the firm has signed a 25-year power supply contract with Hydro-Québec Distribution.

"This investment is of key importance to the growth of our company, a leader in the green energy sector, and this assistance from the Government of Canada sends a clear signal of support," noted Innoventé President Richard Painchaud.

The financial support from Canada Economic Development will serve for the acquisition and installation of three bio-dryers at the cogeneration plant in Saint-Patrice-de-Beaurivage. This equipment will enable the enterprise to launch industrial-scale production and thereby contribute to the economic growth and sustainable development of the Lotbinière region.

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This assistance, granted in the form of a $400,000 repayable financial contribution, has been awarded through Canada Economic Development's Quebec Economic Development Program.

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