It is claimed to be the world’s first commercial canola-protein manufacturing plant. Article content. Merit Functional Foods Building Cutting-edge Pea and Canola Protein Production Facility in Manitoba Back to video Several major project milestones have been completed or are in progress: the facility’s superstructure was assembled in May, and the initial placement of equipment and enclosure of the building is occurring throughout June. "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, adding, "We are equally thrilled that Merit has arranged such a substantial debt funding package.". Merit Functional Foods reported construction of its 94,000-square foot production facility in Manitoba, Canada. MarketsFarm — Somewhere outside Winnipeg, a new pea and canola processing plant is scheduled to be in production by August 2020. To facilitate the financing, Burcon has provided a short-term letter of credit in the amount of $6.5 million, which will remain in place until no later than September 30, 2020, and also provided a $4 million guarantee of Merit's debt obligations. Subscribe for the vegconomist-newsletter and regularly receive the most important news from the vegan business world. Bunge Limited Makes $30M Capital Investment in Merit Functional Foods, Partnership to Expedite Completion of Plant-Based Protein Facility, Justin Trudeau Announces $100M for Canadian Plant-Based Industry, Will Produce “World’s Highest Purity and Highest Quality” Proteins to “Redefine Plant Protein”, Burcon’s Merit Functional Foods Secures $85 Million From Syndicate of Lenders, Merit, Burcon, and Nestlé Announce Collaborative Partnership for Plant-Based Protein Ingredients. Although Burcon believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance, and accordingly, investors should not rely on such statements. With over 280 issued patents and more than 260 additional patent applications, developed over a span of more than twenty years, Burcon has grown an extensive portfolio of composition, application, and process patents covering novel plant-based proteins derived from pea, canola, soy, hemp, sunflower seed and more. Thanks for subscribing! As Canada's largest financier of clean technologies they provide insurance and financial services, bonding products and small business solutions to Canadian exporters and investors and their international buyers while adhering to a commitment to sustainable and responsible business. When visitors leave comments on the site we collect the data shown in the comments form, and also the visitor’s IP address and browser user agent string to help spam detection. The production facility is expected to be completed by the fourth quarter of 2020. Ryan has 5 jobs listed on their profile. Vancouver, British Columbia--(Newsfile Corp. - May 4, 2020) - Burcon NutraScience Corporation (TSX:BU) (OTCQB:BUROF) ("Burcon"), a global technology leader in the development of plant-based proteins, is pleased to announce that its joint venture company, Merit Functional Foods Corporation ("Merit Functional Foods" or "Merit") 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. Information contained herein with a number of consumer label preferences, including allergen-free gluten-free... 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