Bio-resin supplier focus of first investment for BioAuto Council
Ontario's BioAuto Council Commercialization Fund has invested $755,000 in Toronto-based natural-fibre composite com...
December 3, 2007 by Canadian Plastics
Ontario’s BioAuto Council Commercialization Fund has invested $755,000 in Toronto-based natural-fibre composite company GreenCore Composites Inc.
The investment, for scale-up, production, process enhancement and market development of GreenCore’s bio-based compounds, is the not-for-profit organization’s first investment.
“The innovation showcased in the ‘Green Inside’ pellets produced by GreenCore made our decision to invest very easy,” said Dr. Bernard West, chairman of the BioAuto Council. “The BioAuto Council is excited to support the commercialization of this world classtechnology in an Ontario enterprise”.GreenCore’s ‘Green Inside’ compounds, which replace petroleum-based materials with sustainable natural fibres, are designed to strengthen the base polymers used for injection molded and extruded products.
“GreenCore Composites has been working aggressively to commercialize this technology as we see immediate opportunity for our novel composites in Ontario’s industrial sectors most notably the automotive sector,” said Geoff Clarke, president and CEO of GreenCore. “The investment from the BioAuto Council will go a long way to accelerating our product development and refining our production processes”.
The BioAuto Council has been given $5-million by the Ontario government to invest in companies with products targeting commercialization and market development of bio-materials, especially those intended for the province’s automotive sector.