Phytokana Ingredients, a Canadian supplier of pulse proteins and flour ingredients, has raised CAD 25 million (approx. $17.7 million) in financing to advance its planned plant protein processing facility.

The unit offering was led by an undisclosed investor and supported by existing shareholders, employees and directors of the company. The terms of the financing were not disclosed.

With this support, Phytokana – based in Calgary, Alberta – will be able to proceed to the Final Investment Decision stage for its planned 30,000-metric-tonne-per-annum dry fractionation facility in Strathmore, Alberta.

The site will produce high-value protein concentrates and high-protein flour ingredients for domestic and international food and beverage manufacturers, aiming to help serve the fast-growing protein-enriched and ‘better-for-you’ food market.

Phytokana focuses on the development, processing and commercialisation of sustainable pulse-based proteins and flour ingredients for the food and beverage industries, particularly within baked goods.

The company will now advance final engineering, procurement and project execution activities in preparation for construction of the Strathmore plant.

This latest financing follows the company’s recent announcement of long-term definitive offtake agreements representing approximately CAD 450 million (approx. $319 million) in contracted revenues, with cumulative sales opportunities exceeding CAD 500 million (approx. $354.7 million) when combined with executed Memorandums of Understanding.

Vincent Chahley, chairman of Phytokana, commented: “Proceeding to Final Investment Decision is the culmination of years of disciplined execution, technical development, and customer engagement”.

“We are grateful for the continued confidence of our investors and look forward to advancing a project that will create significant value for Alberta farmers, strengthen Canada's food ingredient manufacturing sector and supply innovative, sustainable ingredients to customers around the world.”