Cellulosic fiber-maker GreenCore Composites receives funding

GreenCore Composites Inc., a manufacturer of cellulosic fiber reinforced composite materials, has secured investment financing from a Canadian venture capital firm and a sustainable technology association.

The amount of the funding has not been disclosed, but the money will be used to continue the development and commercial launch of GreenCore’s NCell natural fibre composites, which are designed to 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.

Funding comes from GrowthWorks Commercialization Fund Ltd. and the Sustainable Chemistry Alliance (SCA). GrowthWorks is a Toronto-based venture capital firm that manages over $555 million in assets; the SCA is a Sarnia, Ont.-based not-for-profit organization that supports advances in sustainability.

“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, GreenCore’s president and CEO.

Headquartered in Toronto, GreenCore has a manufacturing line located in Mississauga, Ont. The company’s proprietary composite materials are used in automotive, furniture, toys, and other consumer or industrial products.

According to a news release, the company plans on raising additional equity financing to install new capacity in the future.