Nova Scotia-based CelluFuel has secured $5 million in funding from a mix of private and public investors. Innovacorp invested $270,000, while the private funding came from Boralex, a Quebec-based renewable energy producer, and trucking parts dealer Tatro Group.
Established in October 2012 and led by co-founder and CEO Chris Hooper, CelluFuel is a cleantech start-up that has a goal to “transform otherwise low-value wood fibre into renewable diesel fuel for the refinery market.” The company was previously backed by the Government of Canada’s ACOA’s Business Development Program (BDP) with a $500,000 repayable investment, and also scored a $1.5 million from the Province of Nova Scotia to build out its plant.
This new investment will used to build out the plant and expand across Canada. “We are extremely pleased with the successful completion of our demonstration project funding effort and excited about the value our new investors bring to our business,” said Hooper.