$50M Funding Boost for Canadian Bio-Based Economy

A Canadian organization founded in Prince Edward Island is receiving $50 million from Ottawa to support companies developing greener products. Natural Products Canada, which started in Charlottetown and now works across the country, will use the funding to help young businesses grow.

The organization's core role is helping startups develop bio-based products that can replace petrochemical goods, says Shelley King, its founder and CEO. 'We are so excited,' she said. '$50 million can go a long way to help small and medium enterprises in the Canadian bioeconomy.'

The funding will be invested directly into companies trying to scale up or bring in experienced management. Businesses can apply for support ranging from $150,000 to $5 million, depending on their needs.