May 5, 2020, Vancouver, B.C. – Burcon NutraScience Corporation, a global technology leader in the development of plant-based proteins, has announced that its joint venture company, Merit Functional Foods Corporation has secured a debt-financing package of up to $85 million of capital from a syndicate of lenders including Export Development Canada, Farm Credit Canada and the Canadian Imperial Bank of Commerce.
“We are thrilled with Merit’s decision to expand production capacity at Merit’s state-of-the-art plant protein production facility currently under construction,” said Johann F. Tergesen, Burcon’s president and chief executive officer. “We are equally thrilled that Merit has arranged such a substantial debt funding package.”
Merit Functional Foods is building a 94,000-square-foot production facility in Winnipeg, Man., to produce high-quality pea and canola proteins. The state-of-the-art facility, which is scheduled to be completed in the fourth quarter of 2020, will be the only commercial facility in the world with the capability to produce food-grade canola proteins. The financing will support Merit Functional Foods’ growth plans and allow for expansion of its pea and canola protein production capacity.
Merit’s product portfolio currently consists of three product family offerings: pea protein, non-GMO canola protein, and MeritPro™, a unique lineup of nutritionally complete protein blends. Its entire portfolio aligns with a number of consumer label preferences, including allergen-free, gluten-free, non-dairy, non-GMO, and vegan.
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage.
Farm Credit Canada (FCC) is also a federal Crown corporation and Canada’s leading agriculture and food lender, with a loan portfolio of more than $38 billion.
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