Innoventé Inc., a Québec City-based provider of technologies for producing green energy from organic residues, announced that it has raised up to $3 million in debt financing from Farm Credit Canada. The Caisse de dépôt et placement du Québec made an equity investment in the publicly-owned Innoventé earlier in 2013.
Innoventé obtains a $3M Loan from Farm Credit Canada
Quebec City, April 23, 2013 – Innovente Inc. (TSXV: IGE) (“Innovente” or the “Corporation”) announces that it has entered into a financing offer for a loan in the maximum amount of $3M to be granted by Farm Credit Canada (“FCC”).
“We are very happy to now have as a partner the most important lender of the agriculture industry in Canada. Such a mark of confidence in our technology of green energy generation from organic residues, represents for us, a strong signal with respect to the development potential of Innovente”, mentioned Richard Painchaud, President.
“FCC is proud to support Innovente in its innovative project that brings a green and sustainable solution to the management of organic residues from, in particular, agriculture, said Sophie MacDonald, Vice president, Agribusiness and Venture Capital, at FCC. We wish great success to Innovente for this first plant of bioenergy using a unique technology in Québec and in Canada.”
The loan granted by FCC will be used primarily for commercial operation of the first cogeneration plant of Innovente located at Saint-Patrice-de-Beaurivage. The commercial operation is planned to occur in the coming weeks.
The loan will be secured by a senior mortgage on all assets of the Corporation, which will rank pari passu with the senior mortgages previously granted by the Corporation to National Bank of Canada and Caisse Desjardins de La Nouvelle-Beauce.
Based in Quebec City, Innovente produces renewable energy and provides communities with a green and sustainable solution for the management of organic residues through its patented technology in Canada and in the United States. Innovente stock is listed on the TSX Venture Exchange under the ticker symbol IGE (TSXV: IGE). www.innovente.ca
About Farm Credit Canada (FCC)
As Canada’s leading agriculture lender, FCC is advancing the business of agriculture. With a healthy portfolio of more than $25 billion and 20 consecutive years of portfolio growth, FCC is strong and stable – committed to serving the industry through all cycles. FCC provides financing, insurance, software, learning programs and other business services to producers, agribusinesses and agri-food operations. FCC employees are passionate about agriculture and committed to the success of customers and the industry. For more information, visit www.fcc.ca. Follow FCC on Twitter @FCCagriculture.
Director of Communications, Innovente
Tel: 418 692-1011 ext. 200
Photo courtesy of Shutterstock.