Today's News |
Beyond Seafood? Burcon JV, Merit Functional Foods and Canadian Partners to Develop New Line of Plant-Based Seafood Alternatives
Monday, November 28, 2022Company Profile | Follow Company
Merit's Best-in-Class Protein Ingredients Deliver on Functionality, Taste and Nutrition to Exceed Consumer Expectations
Vancouver, BC, November 28, 2022--(T-Net)--Burcon NutraScience Corporation (TSX: BU), a technology leader in the development of plant-based proteins for foods and beverages, announced that its joint venture company, Merit Functional Foods Corporation, has partnered with Konscious Foods and Canadian Pacifico Seaweeds in a project co-invested by Protein Industries Canada, to develop a new line of high quality plant-based seafood alternative products.
The new line of more than 20 plant-based seafood alternative products will incorporate Canadian-grown and processed ingredients, including Merit's pea and canola proteins and Canadian Pacifico Seaweeds' seaweed ingredients.
While focusing on keeping the products sustainable and clean label, the partners say they have also matched the taste and texture of the products' seafood counterparts. Konscious Foods expects to roll out the new line of products across the North American markets through grocery store freezer aisles and food-service channels.
The growth and success of the partnership so far, is built on a combination of the products' sustainable development, the collaborative relationship between the partners, and the combined, long-term expertise of the project partners' senior team members, according to the company.
Konscious Foods Yves Potvin, Principal Founder, Konscious Foods (Photo Credit: UBC)
This includes Konscious Foods' principal founder, Yves Potvin, who founded and sold the successful plant-based companies Yves Veggie Cuisine and Gardein.
"We are pleased to see Merit's protein ingredients developed into innovative and sustainable plant-based seafood products, one of the fastest growing plant-based categories on the market," said Kip Underwood, Burcon's chief executive officer. "Yves Potvin has a strong track record of building successful plant-based brands and Merit's ingredients can further accelerate that growth by delivering on exceptional taste and texture. We are thrilled to see more in-demand products using Merit's pea and canola proteins being launched in the marketplace."
A total of $15.3 million has been committed to the project, with Protein Industries Canada committing $5.5 million and the partners committing the remaining $9.8 million.
Read the full news release from Protein Industries Canada here.
About Burcon NutraScience Corporation
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 seeds, among other plant sources.
In 2019, Merit Functional Foods Corporation was established between Burcon and three veteran food industry executives. Merit Foods has since built and commissioned a state-of-the-art protein production facility in Manitoba, Canada that is producing, under license from Burcon, best-in-class pea and canola proteins for the food and beverage industries. Burcon currently holds a 31.6% shareholding interest in Merit Foods.
Forward-Looking Information Cautionary Statement The TSX has not reviewed and does not accept responsibility for the adequacy of the content of the information contained herein. [ MORE ] |
Company Snapshot |
||
Burcon NutraScience Corporation
Vancouver (Biotech/Life Sciences)
|
Other Recent Company News |
|||||||||||||||||||
|