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ALTRANEX RECEIVES CONTINUING SUPPORT FROM THE GOVERNMENT OF CANADA TO PRODUCE BIO-BASED LUBRICANTS A


Kingston, ON, (15 July 2014) Altranex Corporation has entered into a Contribution Agreement with the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP), Canada’s premier innovation assistance program for small- and medium-sized enterprises (SMEs). The Agreement shares the cost for Altranex to scale-up the production of Altranex’s Altra-HF™ shipping fuel and other products. The NRC-IRAP financial support is up to $200,000.

“NRC-IRAP has recognized the innovative approach that Altranex has taken to making the shipping and lubricants industries more sustainable.” said Chad Joshi, CEO. “This funding moves the company along the path towards the production of commercial quantities of product.”

“In our first year with NRC-IRAP support we were able to attract a multinational oil company as a co-investor at a faster pace than our plan. Advisory services provided by NRC-IRAP Industrial Technology Advisor Harriet Waterman on other government funding programs and her connections to other companies and contacts in the Cleantech sector have been valuable.”

Altranex Corp. is a Kingston, Ontario-based bio-chemicals company that develops and markets bio-lubricants and commercial transportation fuels.

For more information, contact:

Altranex at 613-767-9285

#Government #Technology #Altranex #Innovation