Mr. Johann Tergesen reports
BURCON JV COMPANY, MERIT FUNCTIONAL FOODS, RECEIVES CO-INVESTMENT FROM PROTEIN INDUSTRIES CANADA TO DEVELOP HIGH-QUALITY MEAT ALTERNATIVES
Burcon NutraScience Corp.'s joint venture company, Merit Functional Foods Corp., has received a co-investment from Protein Industries Canada, which will see Merit Foods' best-in-class pea and canola protein ingredients incorporated into new high-quality plant-based meat alternative products.
Merit Functional Foods, Winecrush Technology, Wamame Foods and Wismettac Asian Foods are partnering to develop and distribute a line of meat alternatives to pork and Wagyu beef. The project involves Merit Foods and Winecrush Technology providing their respective plant-based ingredients for the innovative new meat alternative products, which will be sold under Wamame Foods' Waygu brand, as well as co-branded private label under Wismettac Asian Foods' line of products. The new line of meat alternatives is expected to be distributed throughout Europe, Asia and North America.
A total of $7.6-million is being invested into the project, with Protein Industries Canada providing one-half of the total investment into the project.
"Meat alternatives is the largest category of plant-based foods globally and continues to see strong growth. We are thrilled that Merit's best-in-class protein ingredients will be utilized in these unique and sustainable high-quality meat alternative applications," said Johann F. Tergesen, Burcon's president and chief executive officer, adding, "This additional funding support from Protein Industries Canada will help to strengthen Merit Foods' position as the premier Canadian producer of innovative plant-based protein ingredients for the global food and beverage markets."
About Burcon NutraScience Corp.
Burcon is a global technology leader in the development of plant-based proteins for foods and beverages. With over two decades of experience formulating high-purity proteins that have superior functionality, taste and nutrition, Burcon has amassed an extensive patent portfolio covering its novel plant-based proteins derived from pea, canola, soy, hemp and sunflower seed, among other plant sources. In 2019, Merit Functional Foods was established between Burcon and three veteran food industry executives. Merit Foods has since built a state-of-the-art protein production facility in Manitoba, Canada, that is producing, under licence from Burcon, best-in-class pea and canola proteins for the food and beverage industries.
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