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QFI gets $800,000 govt. loan to start plant

By Ron Kotrba | June 15, 2010
Posted July 7, 2010

Minister of State for Canada Economic Development Denis Lebel announced on July 5 the allotment of $800,000 (approximately $762,000 USD) in repayable funding to QFI Biodiesel Inc. for the startup of its Saint-Jean-sur-Richelieu, Quebec, biodiesel plant.

The new enterprise will produce biodiesel made from animal- and vegetable-based recycled oils, such as soya, canola and sunflower. QFI Biodiesel's fuel will be sold to Quebec, Canadian and international markets. The company intends to hire 19 full-time workers to carry out the project.

In January, Methes Energies Canada Inc. received its initial order for two "pipe-to-pipe" Denami 600 biodiesel processors to be delivered to the Saint-Jean-sur-Richelieu plant. That initial order was part of a sale and licensing agreement entered with QFI Biodiesel for a total of eight such units, the additional six were to be delivered by the end of the year. The total price of the transaction, according to Methes Energies Canada, was estimated at approximately $6.8 million.

"We have been working with Methes for several months now and are happy to move forward with their equipment, which we believe is the best on the market and the most indicated toward our growth strategy over the next several years," said Serge Quintal, QFI Biodiesel president, in January. "We like the Methes business model and look forward to a long relationship with them."

Lebel said, "The Government of Canada is proud to support small and medium-sized businesses that, like QFI Biodiesel, are helping to build prosperity and create jobs through their vision and determination. This financial assistance constitutes a real investment in the social and economic development of the Montérégie [region of Quebec] and one that is sure to help position the region advantageously in this growth sector, both here and around the world."

This funding from the Canadian government has been granted through the Community Adjustment Fund established under Canada's Economic Action Plan, a measure adopted in January 2009 to mitigate the impacts of the recent economic downturn, stimulate job creation and address the transitional and adjustment challenges facing communities and industries in the process of restructuring.
 

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