$15m Funding For Quebec’s First Fully Integrated Industrial Wood Pellet

As part of the government promotion for cleaner energy and commitment to advancing the innovative technology in Canada’s Forest Industry, Granule 777 Inc was given a total of $15,000,000 worth of funding. End Quote

(1888PressRelease) January 11, 2019 - Using wood pellets as a substitute for fossil fuels will reduce carbon footprint and greenhouse gas emissions.

“According to the Energy Information Administration, direct thermal conversion of 3 million tons of wood pellets displaces the equivalent of almost 8.5 million barrels of #2 fuel oil – which is 356 million gallons. Making the switch from oil heat to a wood pellet stove or furnace could lead to a 60 to 90% reduction of carbon emissions. ”

As part of the government promotion for cleaner energy and commitment to advancing the innovative technology in Canada’s Forest Industry, Granule 777 Inc was given a total of $15,000,000 worth of funding.

Announced by Paul Lefebvre, Parliamentary Secretary to the Honourable Amarjeet Sohi, Canada’s Minister of Natural Resources, the funding aims to assist the company in building the first fully integrated industrial wood pellet and sawmill complex in Canada.

In addition, the company was also given a repayable contribution of $5 million to help in buying production equipment.

The said funding was provided through Natural Resources Canada’s Investments in Forest Industry Transformation (IFIT) program and CED’s Quebec Economic Development Program.

Investment in Forest Industry Transformation (IFIT) program
Investment in Forest Industry Transformation (IFIT) programs offers non-repayable contributions for applicants in the Canadian forest Industry who were able to succeed in implementing their innovative technologies in their facilities.

The very goal of this program is to support projects at the pilot to commercialization phase and to help these technologies reach the market in the future.

THE COMPANY: Granule 777 Inc. and their project
Upon the completion of the new mill, they plan to manufacture 210,000 metric tons of wood pellets per year primarily for export and be able to use 450,000 green metric tons of biomass. Also, they intend to reduce the reliance on fossil fuels and create 40 new jobs for mill operations.

This innovative venture will certainly have a positive impact to the rural, Indigenous communities and the surrounding regions as it aims to increase Canada’s green electricity production and reduce greenhouse gas emission and also create good jobs and opportunities for Canadians.

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