ACOA and the P.E.I. government are pitching in to help the province's bioscience sector.
The money will go to the P.E.I. BioAlliance to purchase advanced fermentation, filtration, and drying equipment. ACOA is providing a $500,000 grant, and the province a $100,000 grant plus a loan of $337,822.
"Prince Edward Island's reputation as a leader in both food innovation and biotechnology is strengthened with strategic investments that help companies develop and refine new products and production methods," said P.E.I. Economic Development Minister Heath MacDonald in a news release.
BioAlliance executive director Rory Francis said access to the new equipment will help local companies scale up and commercialize their products.
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