Canada’s Modern Plant-Based Foods has announced that its portfolio company, Modern Meat, has received a government grant for its new vegan seafood line.
The Industrial Research Assistance Program (IRAP) funding will go towards research and development costs for the plant-based seafood project.
Modern Meat has been ‘in the R&D phase’ with a co-packer in Saskatchewan for several months to ensure the facility is able to meet the quality and other requirements for its products.
After completing initial testing on prototypes, the company aims to move forward with production runs in the near future.
Modern Meat has developed a proprietary vegan ‘seafood’ recipe, which is currently being made into a crab cake format, and is aiming to meet anticipated demand from restaurants and retailers with the new production capabilities.
“Achieving government grants is not a simple process, and we have had to consult with industry contacts in order to successfully obtain these funds,” said Avtar Dhaliwal, CEO of Modern Plant-Based Foods.
“This will alleviate the majority of overhead costs for the initial project, and the company intends to continue using all resources possible to maintain efficiency to move forward with our growth plans, including the continual application for additional grants for future projects.”
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