Phycus Biotechnologies Inc. Announces Grant from the Ontario Government’s
Low Carbon Innovation Fund
TORONTO, May 9, 2018. Phycus Biotechnologies Inc (the “Company”) is pleased to announce that the Government of Ontario has approved a grant totalling $375,000 through the Low Carbon Innovation Fund (“LCIF”). The grant will help the Company develop its innovative technology platform for producing biobased chemicals from CO2. The University of Toronto’s Biozone joins as a strategic partner to the project.
“We’re thrilled to have been awarded the grant. It will really help us to accelerate our development activities and bring our low carbon technology to market sooner,” said CEO Vik Pandit. “By the end of the project, we will be ready to begin pilot production at the 1000-litre scale.” Christian Euler, the Company’s Director of Strain Engineering added “We are looking to expand our development team and bring on three new scientists to help us get there.”
The platform being developed by the Company is an enabling technology that makes it possible to convert point source emissions of carbon dioxide to value added chemicals. Chemicals produced from petro-based sources today cause greenhouse gas emissions. By producing these chemicals from CO2 instead, the Company hopes to develop a path forward towards more sustainable chemical manufacturing, and help Ontario and Canada reduce its greenhouse gas emissions.
About Phycus Biotechnologies Inc.
Phycus Biotechnologies Inc. is an innovative chemical products company that develops chemical solutions for its customers that want more sustainable options and improved performance characteristics over conventional, petro-based chemical products. Today, the company is leading the commercialization and development of several value-added chemicals including glycolic acid, an important constituent of biodegradable plastics, solvents, cosmetics and coatings.
About the Low Carbon Innovation Fund
The Low Carbon Innovation Fund is a fund to help researchers, entrepreneurs and companies create and commercialize new, globally competitive, low-carbon technologies that will help Ontario meet its GHG emissions reductions targets. The Low Carbon Innovation Fund is part of Ontario's Climate Change Action Plan and is funded by proceeds from the province's carbon market.
For further information please contact:
Chief Executive Officer
Phycus Biotechnologies Inc.
t: +1 647 885 7768