Phytokana Raises $25M to Clear Final Hurdle Before Building Alberta Pulse Protein Plant

Phytokana Ingredients, a Calgary-based ingredient company, has successfully raised $25 million through a unit offering, completing the equity needed to move forward with building a 30,000 tonne per annum dry fractionation facility in Strathmore, Alberta. The plant will produce pulse protein concentrates and high-protein flours for food and beverage manufacturers, marking the first commercial-scale facility of its kind in Alberta.

The financing comes after securing definitive long-term offtake agreements totaling approximately $450 million in contracted revenues, with additional sales opportunities reaching over $500 million including signed memorandums of understanding. The company's success in securing volume commitments has been crucial in attracting investors and lenders, allowing them to proceed with final engineering, procurement, and project execution before construction begins in Strathmore. Phytokana aims to create significant value for Alberta farmers, strengthen Canada's food ingredient manufacturing sector, and supply innovative and sustainable ingredients worldwide.