Burcon NutraScience Corporation has announced that its joint venture company, Merit Functional Foods Corporation, has partnered with Konscious Foods and Canadian Pacifico Seaweeds in a project co-invested by Protein Industries Canada, to develop a new line of high quality plant-based seafood alternative products.
The new line of more than 20 products will incorporate Canadian-grown and processed ingredients, including Merit's pea and canola proteins and Canadian Pacifico Seaweeds' seaweed ingredients.
Konscious Foods said it expects to roll out the new line of products across the North American markets through grocery store freezer aisles and food-service channels.
READ: Burcon NutraScience reports 24% rise in royalty revenue in Q2 from investee company Merit Functional Foods
The growth and success of the partnership so far, is built on a combination of the products' sustainable development, the collaborative relationship between the partners, and the combined, long-term expertise of the project partners' senior team members.
This includes Konscious Foods' principal founder, Yves Potvin, who founded and sold the successful plant-based companies Yves Veggie Cuisine and Gardein.
"We are pleased to see Merit's protein ingredients developed into innovative and sustainable plant-based seafood products, one of the fastest growing plant-based categories on the market," said Kip Underwood, Burcon's chief executive officer.
"Yves Potvin has a strong track record of building successful plant-based brands and Merit's ingredients can further accelerate that growth by delivering on exceptional taste and texture. We are thrilled to see more in-demand products using Merit's pea and canola proteins being launched in the marketplace."
A total of $15.3 million has been committed to the project, with Protein Industries Canada committing $5.5 million and the partners committing the remaining $9.8 million.
Burcon NutraScience is a global technology leader in the development of plant-based proteins for foods and beverages and holds a 31.6% stake in Merit Foods.
Contact the author at jeremy@proactiveinvestors.com