Burnaby’s Lignol Energy Corp. (TSXV:LEC) announced this morning it has received more than $2 million in additional funding from Sustainable Development Technology Canada (SDTC).
The award is in addition to the $4.72 million awarded to date from SDTC’s SD Tech Fund.
SDTC is an arm’s-length corporation created by the federal government. It operates two funds aimed at the development and demonstration of innovative technology.
Lignol, a technology company working in the biofuels and renewable chemical sector, said the funding is for a project led by its subsidiary Lignol Innovations Ltd.
The work plan, which started in September 2009, will be extended until the third quarter of 2013, with a total estimated project cost of $20.4 million.
The original project established an integrated industrial scale facility to produce cellulosic ethanol and unique renewable biochemicals.
Ross MacLachlan, president and CEO of Lignol, said, “The additional funding from SDTC is an important contribution that will enable us to enhance the economic viability of our biorefinery technologies, while maintaining significant GHG reduction benefits.
“These enhancements will allow smaller, higher-yield biorefineries to be built with strong regional demand for Lignol’s bioproducts, resulting in a more rapid and more diverse deployment of this transformative technology.”
Jennifer Harrison
@JHarrisonBIV