Charlottetown company earns $500K in loans for seaweed products

[Canada] A Charlottetown company looking to develop and market sports nutrition products made with Atlantic Canadian seaweed has earned a $500,000 loan from the Government of Canada.

OmniActive Health Technologies Ltd., a wholly-owned subsidiary of OmniActive India, is among those businesses, plans to introduce its naturally derived products to the growing sports nutrition export market.

The loan comes from the Atlantic Canada Opportunities Agency through its Business Development Program. The Government of Prince Edward Island is also contributing $100,000 to the initiative.

“With this financial assistance from ACOA and Innovation P.E.I., we are pursuing an initiative that focuses on the development of value-added nutraceutical ingredients from seaweeds,” said OmniActive Health Technologies president Jayant Deshpande. “The project includes the investigation of a range of different seaweeds sourced locally here in the Maritimes. The project is expected to bear fruit by the first half of 2019.”

OmniActive Canada has based its operations out of the BioCommons Research Park in Charlottetown since 2012. The company will work with the University of Prince Edward Island to test the safety and effectiveness of the newly sourced seaweed extracts.

 

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