Lucent Bio – an innovative agricultural technology company – recently announced it has raised over $3.6 million, which 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:
1.) R&D – 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.
2.) 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.
3.) Environmentally Responsible Production – A portion of the funding will ensure 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 a 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.
KEY QUOTES:
“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. 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 Honourable Harjit S. Sajjan, Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan)
“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. 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 endeavour that aligns perfectly with our mission to pioneer sustainable agriculture solutions.”
– Michael Riedijk, CEO and Founder Lucent BioSciences
