Ontario invests CA$8 million in Comet Biorefining
May 8, 2018
Link to story
In Canada, the Province of Ontario is partnering with Comet Biorefining Inc., to create a new production plant in Sarnia for high-quality, sustainable ingredients by providing CA$8 million in investment support through Ontario’s Jobs and Prosperity Fund (JPF). The investment will help to directly create 82 new jobs and 158 new indirect jobs, including those in harvesting, construction, farming, and manufacturing.
Ontario is home to Canada’s largest food processing sector, accounting for more than 4 000 businesses locations that employ almost 94 500 people across the province. Comet Biorefining Inc., a Canada-headed cellulosic dextrose technology developer, produces sustainable, high-quality ingredients for the food and beverage, animal nutrition and biomaterials markets.
The company’s proprietary ingredient technology allows for the conversion of agricultural residues, such as wheat straw, corn stover, and wood products, into high purity ingredients.
Our government’s investment in Comet Biorefining will help position the company to compete globally. This will in turn help create and retain jobs, boost Sarnia’s local economy and support the competitiveness and further growth of Ontario’s agri-food sector. Through the Jobs and Prosperity Fund, our government is helping foster growth in Ontario’s food and beverage processing and bioeconomy sector, said Jeff Leal, Ontario Minister of Agriculture, Food and Rural Affairs.
According to a statement May 4, the CA$8 million investment in Comet Biorefining’s CA$79.8 million bio-based ingredient project is being made through Ontario’s Jobs and Prosperity Fund (JPF) – Food and Beverage Growth Fund.
With support from the Jobs and Prosperity Fund, Comet Biorefining boosts its competitiveness, further strengthens Ontario’s innovative bio-economy cluster and creates jobs. The project demonstrates how strategic partnerships are building opportunity while positioning the province for long-term growth, said Steven Del Duca Minister of Economic Development and Growth.
As part of the Jobs and Prosperity Fund, the Food and Beverage Growth Fund supports food, beverage, and bio-product manufacturing projects that help create and retain jobs, increase domestic and export market access and enhance innovation and productivity. The project also supports the transition to a low-carbon economy and the investment will help Comet Biorefining create a new commercial-scale facility to:
- Grow the agri-based value chain and benefit local farmers by using residues from Ontario’s farming community;
- Grow the emerging biochemical bioproduct ecosystem in Sarnia, while further establishing Ontario as a global player in the bioeconomy and;
- Help meet the growing world demand for bio-based products.
Since January 2013, Ontario has committed over CA$950 million in projects administered under JPF, leveraging over CA$12 billion in total investment and, according to the government, this is helping to create and retain approximately 55 000 jobs.
This investment will provide us with important financial support needed to move forward with the construction of our commercial-scale facility in Sarnia. Once completed, this facility will produce sustainable ingredients for customers across North American and provide a win for local farmers, a win for the environment, and a win for the Canadian bioeconomy as a whole. We thank the Ontario Ministry of Agriculture, Food and Rural Affairs for their support of this project and leadership in making Canada a global front-runner for the manufacturing of biobased products, said Rich Troyer CEO of Comet Biorefining.