Innovation, Science and Industry Minister François-Philippe Champagne, announced $150 million in renewed funding for Protein Industries Canada.
The funding is part of the $750 million investment into the Global Innovation Cluster program which was announced in the 2022 budget.
CEO Bill Greuel says the renewed investment of $150 Million into Protein Industries Canada will support continued innovation, scale-up of companies and the commercialization of new products in Canada’s plant-based food, feed and ingredient sector.
Gruel says the funding will help to reach their target of building a $25 billion industry goal by 2035.
"“We appreciate the vision and support of the federal government to advance innovation and increase Canada’s productivity and competitiveness. With another five years of runway, we will be able to continue working with our members and the larger sector to establish the Canadian ecosystem, offering a Canadian-made solution to a global food challenge and contributing to Canada’s economy.”
During PIC's first round of funding (from 2018 to 2023) they co-invested $173 million into 55 projects.
The renewed investment brings the total funding for Protein Industries Canada from 2018 to 2028 to $353 million.
Information on the next round of programming will be announced in the coming days.
For more information visit www.proteinindustriescanada.ca.