19 November 2010
19 November 2010
GreenCore Composites has secured financing from investment funds controlled by GrowthWorks Commercialization Fund and the Sustainable Chemistry Alliance to continue the development and commercial launch of GreenCores pipeline of NCell natural fibre composites.
These composites target the replacement or reduction in use of materials such as glass fibres in structural and semi-structural applications to enhance sustainability, and reduce both energy costs and CO2 output.
By successfully raising significant financing, GreenCore is now well capitalized for our growth plans, providing us with the ability to invest in future projects in development and operations, while also giving us the flexibility to accelerate our growth through attractive licensing or partnership opportunities, said Geoff Clarke, President & CEO. The Company is now optimally positioned to continue our strong rate of developing worldclass premium natural fibre products for selected international markets.
GreenCore has raised close to $5 million over the past three years. The Company has a manufacturing line located in Mississauga, Ontario, Canada and, as the longer-term product development pipeline is commercially launched, GreenCore will raise additional equity financing to install new capacity.
GreenCore is a major Canadian success story in the making, and we are very excited to be a part of it, said Mark Stirling, Vice President of GrowthWorks. GreenCore shows Canadians and the world that we can improve our environment without sacrificing economic prosperity. We are delighted to be working with these specialized funds that have a track record of successfully helping new technologies to be launched in Canada. We are also grateful for the past support and confidence in management from the Ontario BioAuto Council, Ontario Ministry of Research and Innovation, First Leaside Group, Tembec Industries and the Ontario Centres of Excellence, said Geoff Clarke.
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