Phytokana Ingredients, a Canadian supplier of ingredients, has secured CAD 25 million (approximately $17.7 million) to advance its plans for a new facility dedicated to plant protein processing in Alberta.
This funding round was primarily supported by an unnamed investor, along with contributions from current shareholders, staff, and company executives. Specific details regarding the financial terms were not disclosed.
The capital will facilitate a Final Investment Decision for Phytokana’s proposed dry fractionation plant located in Strathmore, which is designed to process an estimated 30,000 metric tonnes each year.
Upon becoming operational, the facility will focus on producing pulse-derived protein concentrates and high-protein flour ingredients targeted at food and beverage manufacturers both within Canada and internationally. These products will cater to companies aiming to create protein-enriched and health-oriented food items, including baked goods.
Phytokana is now set to proceed with the final stages of engineering, procurement, and project execution as it prepares for construction.
This recent investment comes on the heels of the company’s announcement detailing long-term offtake agreements valued at approximately CAD 450 million ($319 million) in guaranteed revenue. Phytokana indicated that total potential sales could surpass CAD 500 million ($354.7 million) when accounting for existing memorandums of understanding.