PETERBOROUGH, Ont.—A four-year-old Ontario cleantech start-up has set its sights on the international bioproducts market.
Noblegen Inc. officially started up its “Gen 1” manufacturing facility in Peterborough, Ont. at the end of last month, and has now secured $1.8 million to ramp up its marketing efforts and sell its products on a global scale.
The company uses a number of innovative processes to grow algae-based compounds for the animal nutrition, food and beverage and pharmaceutical industries, among others. Founded by a pair of young entrepreneurs and growing out of a Trent University incubator known as The Cube, Noblegen’s new facility covers 55,000 sq. ft. and employs 24 people.
The fresh funding comes from FedDev Ontario, which will provide the company with a $600,000 loan, as well as a local angel investor, who will contribute $1.2 million.
The federal government says the new scale-up project could create as many as 22 new jobs in Peterborough.