Mr. Alain Bélanger, President of Corruven is pleased and proud to announce that the company has obtained a conditionally-repayable loan of $2 million through ACOA Atlantic Innovation Fund (AIF) as well as $2.475 million through the Investments in Forest Industry Transformation (IFIT) Program delivered by Natural Resources Canada (NRCan) to advance its technology patented lightweight materials. Adding the monetary injections of its private investors to a value of $2 million, the project represents a total investment of $6.5 million for the Edmundston, NB region and will create more jobs. This important contribution will help the company to design and manufacture a new production line of composite high-performance wood and intensify R&D for the production of intelligent solutions for the packaging, construction and architecture markets.
“We are particularly proud of the federal assistance because it shares our vision of the importance to invest and position ourselves in the smart and advanced materials markets! Composite material market alone represents a potential 14 billion $ in 2014 and is growing at a rate of 8% per year! “, said Mr. Bélanger.
“What is even more significant for Corruven is that the support of the Federal agency gives a confidence vote to Corruven business model. Due to its innovative business practices, we aim to inspire other businesses to adopt new smart growth and marketing approaches to address the challenges of world market competitiveness. Our mission goes beyond the marketing of a smart material, we intend to rally partners of all kinds and create a business intelligence to develop new emerging markets!”