Bioindustrial Innovation Canada (BIC) provides critical strategic investment, advice and services to business developers of clean, green and sustainable technologies. One of these investments is MemPore Environmental Technologies Inc.
Alastair R.B. Samson, President and Chief Executive Officer of MemPore Environmental Technologies Inc., discusses how BIC has significantly supported his company.
MemPore Environmental Technologies Inc., a Smiths Falls-based company, designs and builds systems that transform hazardous used lubricating oil into valuable clean base oil 10 litres of used oil yields 7 litres of clean base oil. For the first time, used oil can be purified with minimal pollution from localized systems, using low energy, and at low capital and operating cost. In early 2018, after several years of research and development, MemPore was ready to commercialize its revolutionary technology.
“In Q1 of 2018, we were introduced to BIC, with whom we discussed our barriers to commercialization,” says Alastair R.B. Samson, President and Chief Executive Officer of MemPore. “In particular, we were in urgent need of engineering drawings, mechanical and electrical, as well as a hazardous risk assessment for the overall MemPore system. MemPore desperately needed financial help to develop these documents, and BIC was willing and able to provide financial and technical support. These projects were completed by the end of 2018 and have enabled us to establish cost quotations to underpin the pricing for our system. BIC has enabled us to be ready for the many discussions now taking place with potential customers in several countries.”
About Bioindustrial Innovation Canada
Creating jobs and economic sustainability for Canada is the vision driven by Bioindustrial Innovation Canada (BIC).
With support from the Government of Canada and the Province of Ontario, BIC, a not-for-profit business accelerator for sustainable chemistry, has created a successful foundation to support an emerging hybrid chemistry cluster in Sarnia-Lambton, Ontario. BIC recognizes that the expansion and development of the bioeconomy in Sarnia-Lambton can grow alongside the petrochemical industry.
BIC further focuses on critical strategic capital investment in SMEs with compelling business plans where innovation in science and engineering can bring about major advances in sustainable chemistry. Sustainable chemistry is playing an important role in the development of solutions to the impacts of climate change, peak oil, energy security, the need for safe water, and the use of scarce natural resources. The increasing global demand for green and safer products offers the opportunity to create thousands of new jobs for Canadians.
BIC’s proven approach for clean, green and sustainable chemistry-based companies offers an ideal platform for the investment necessary to advance hybrid chemistry value chains, providing not only regional economic development and job benefits, but also access to global markets.
To date, BIC has invested more than $13 million in 27 SME companies, has led to the creation of 3600 high quality jobs, and further leveraged $270 million in private sector funding during its investment rounds.