Government Of Canada Allocates $750,000 For Granulco Inc. Startup

The Honourable Denis Lebel, Minister of State for Canada Economic Development, today announced the granting of $750,000 in repayable funding for the startup of Granulco Inc., a wood pellet plant in Sacr-Cur, in the Cte-Nord region

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Government Of Canada Allocates $750,000 For Granulco Inc. Startup

Submitted by Business Desk on June 10, 2009

The Honourable Denis Lebel, Minister of State for Canada Economic Development, today announced the granting of $750,000 in repayable funding for the startup of Granulco Inc., a wood pellet plant in Sacr-Cur, in the Cte-Nord region. This project will result in an investment of nearly $4,000,000 and the creation of 12 local jobs.

This new enterprise will specialize in the manufacture of wood pellets used for energy-efficient home heating and horse litter. To capitalize on this growing market, the company intends to sell its products in Quebec, Ontario and the north-eastern United States.

This project is of critical importance to the community of Sacr-Cur, an area that has been hard hit by the crisis in the forest industry in recent years. It will also help diversify the economy of the Haute-Cte-Nord, which is also a key priority for Canada Economic Development. Moreover, through the billion-dollar Community Adjustment Fund set up under Canada's Economic Action Plan , we are providing new opportunities to workers in communities traditionally dependent on a single industry, such as forestry. The Government of Canada is investing in the dynamism of Quebec's regions to stimulate job creation and economic recovery, explained the Minister of State.

Granulco will be supplied in sawdust and wood shavings by two local sawmills. By doing business with local enterprises for the manufacture of value-added wood products and the secondary processing of wood waste, the new firm will also be contributing to the development of forestry in the Cte-Nord region.

This startup answers a growing need for energy-efficient heating solutions and increased consumer demand for green fuel, which will in turn promote the reduction of greenhouse gas emissions.

This funding has been granted through Canada Economic Development's Community Economic Diversification Initiative Vitality , a measure designed to foster the economic growth of Quebec's communities.

Additional Information

Web Site: http://www.webnewswire.com/node/457423

Category: Forestry>Wood Pellets

Region: All Canada

Ad Running: 6/11/2009-6/22/2011

Ad Posted: 6/11/2009 10:56:42 AM

Ad Viewed: 282 times

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