$1.2 million is being re-invested back into Ontario’s agriculture and agri-food sector thanks to a timely loan repayment by the BIOX Corporation.

The Agricultural Adaptation Council (AAC) provided a $1-million loan to BIOX Corporation in June, 2002 to assist in the development of a biodiesel production method invented by Dr. David Boocock at the University of Toronto.

The ability of the AAC to offer alternative funding means monies from paid loans, plus interest, can be re-invested into other innovative agriculture and agri-food projects. “AAC proudly supports Ontario businesses and producers that are willing to innovate and adapt,” says Bob Bedggood, AAC Chair.

“BIOX’s goal is to use its revolutionary technology to produce high quality, renewable, non-toxic, and biodegradable biodiesel fuel on a commercial scale at a cost that will allow for individuals and corporations to be environmentally responsible,” says Tim Haig, BIOX’s CEO. “BIOX is the only biodiesel production process that can compete with petroleum diesel on a production cost basis.”

BIOX Corporation is located in Oakville and has been operational since April 2001. There is the potential to locate the largest biodiesel plant in the world in Ontario, a $15 million investment producing 60 million litres of biodiesel per year.

Bob Bedggood, indicated that BIOX met all criteria for funding and addressed a major issue in agriculture – environmental improvement.

“The Council is committed to supporting projects that provide valuable contributions to Ontario’s farmers. This Canadian technology utilized by BIOX Corporation will reduce greenhouse gas emissions and will create more non-food uses of agricultural products,” he said. “Now producers contributing to this project will see the benefit of a cleaner environment and stronger markets for oil seeds. In the long term, BIOX Corporation hopes to create new uses for waste products such as recycled vegetable oils, animal fats and grease which could greatly benefit the agri-food sector.”

The AAC is a non-profit coalition of 55 agricultural, agri-business and rural organizations working together to support Ontario’s agricultural sector and rural communities. The AAC administers and delivers funding that assists Ontario’s agri-food sector and rural communities to remain competitive, grow and maintain their economic strength.

The AAC receives its funding through Ontario’s share of Agriculture and Agri-Food Canada’s $60 million-per-year CARD fund. To learn more about the AAC please visit their Web site at www.adaptcouncil.org. 

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For further information, contact:
Mary Jarvis, Program Coordinator
Agricultural Adaptation Council
192 Nicklin Road, Guelph, ON N1H 7L5
Phone: (519) 822-7554, Fax: (519) 822-6248