Feds invest $4.5M in New Brunswick wood composites cleantech startup
Corruven Canada to install industrial-scale corrugating line in N.B. town
Research & Development
Technology / IIoT
SAINT-BASILE, N.B.—The federal government is investing close to $4.5 million in an East Coast startup working to commercialize a technology that uses rejected wood fibers to make high-strength, lightweight composite building materials, packaging and furniture.
Corruven Canada Inc. plans to use the investments, as well as about $2 million in private funds, to install its first industrial-scale corrugating line and build a market for its products in the U.S. and Canada. The company’s technology allows it to process and press veneer rejects into usable products such as packaging and bed platforms. The company says its materials are approximately 75 per cent lighter and six-time strong than traditional building materials.
Supporting the Canadian forestry industry, the Canadian government’s Investments in Forest Industry Transformation Program provided Corruven $2.5 million in funding for the project, while the Atlantic Canada Opportunities Agency contributed the remaining $2 million in government funding.
The startup expects the corrugating line and associated research will create 10 new jobs at its base in Saint-Basile, N.B., as well as an additional 14 if the project proves successful.