Lucent Bio Secures $3.6M in Funding for Commercialization of Innovative Seed Coating Technology
Lucent Bio, an innovative agricultural technology company, has announced over $3.6 Million will be provided by PacifiCan through the Business Scale-up and Productivity program, earmarked to expedite the development of Nutreos, their innovative seed treatment technology. Nutreos is a biodegradable and micro-plastic free seed coating designed to promote strong germination, vigor, and crop establishment, supporting the transition of traditional agriculture inputs to sustainable alternatives.
The secured funding will play a vital role in advancing Nutreos:
Research and Development: This investment allocates resources to enhance the formulation and effectiveness of Nutroes as it transitions from a lab concept to a field-ready product. This investment ensures that Nutreos remains at the forefront of environmentally friendly seed treatment solutions for all producers.
Market Expansion: Lucent Bio will utilize the funding to expand its market presence, making this eco-conscious seed treatment accessible to farmers globally. The expansion efforts aim to empower more farmers with a sustainable and effective method for promoting crop establishment and vitality.
Environmentally Responsible Production: A portion of the funding will be directed towards ensuring Nutreos’s production processes align with environmental sustainability standards. From sourcing raw materials to manufacturing, Lucent Bio will uphold eco-friendly practices, contributing to a cleaner agricultural industry.
This announcement follows the grand opening of Lucent Bio’s Soileos micronutrient fertilizer plant in Rosetown, Saskatchewan, earlier this month, reaffirming Lucent Bio’s mission to help decarbonize agriculture and bring novel, non-polluting, sustainable and climate-positive fertilizers to the market.
“The agritech sector in B.C. is growing and leading the way when it comes to innovation in areas such as food processing and soil/crop technology,” said The Honourable Harjit S. Sajjan, Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan). “PacifiCan is committed to working with innovative agritech businesses that are poised for growth – like Lucent Bio. This funding will support Lucent Bio as they increase their marketing capacity and optimize their manufacturing processes, creating quality jobs and helping propel B.C.’s economy forward.”
“The Business Scale-up and Productivity program is a game-changer for Lucent Bio, enabling us to scale up and commercialize our groundbreaking, environmentally-friendly seed coating products,” said Michael Riedijk, CEO and Founder Lucent BioSciences. “With the construction of a new manufacturing plant in BC, we’re not only creating exciting new jobs in the emerging field of agritech but also taking a significant step towards reducing carbon emissions in agriculture. This initiative will enhance food security and climate resilience, making a lasting positive impact on our community and beyond. We’re thrilled to be part of this visionary endeavor that aligns perfectly with our mission to pioneer sustainable agriculture solutions.”
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