Toronto-based Bio-Extraction Inc. is reported to be building a C$10-million low-volume, low-temperature canola crushing plant in the Corman Industrial Park to provide protein to the global aquaculture industry.
Bio-Exx received more than $11 million in backing this winter from a group of four venture capital funds to complete the facility. Bio-Exx has incorporated a Saskatchewan subsidiary, BioExx Specialty Proteins Inc. to operate and sell the output from the plant, according to reports in the Star Phoenix.
In high-volume canola crushing, which extracts oil and leaves meal as a byproduct, valuable protein is destroyed or "denatured" by the high-temperature extraction methods used, but BioExx has developed a method of extraction a much lower temperatures than are traditionally used.
This week Bio-Extraction Inc. and Viterra Inc. ("Viterra") entered into a long-term Canola Supply Agreement, under which Viterra will supply canola seed to the BioExx Saskatoon extraction facility.
"We are very pleased to have concluded this Agreement, and established both a firm and secure source of supply for the plant, as well as a great long-term business partner in Viterra," said Chris Carl, BioExx Chief Executive Officer.
"This agreement represents another in a continuing series of successful and important steps towards start-up of the Saskatoon plant in January 2009, and moreover to the realization of our plan to become a leading producer of specialized, high value products from oilseeds such as canola."
The Agreement will run for 10 years, including two automatic renewals of two years each from the date the BioExx facility reaches full capacity, and provides for the annual supply of the required 40,000 tonnes of canola feedstock at commercially competitive rates. Viterra will be the exclusive canola supplier to the facility and will have a right of first offer to supply future BioExx facilities.
Fish Feed from Canola Seed
CANADA - Protein extracted from canola seed could be finding its way to fish farms around the world.