$600K loan may create 22 jobs at Noblegen
A local start-up that grew out of a science project has received a loan of up to $600,000 in federal money – and that means as many as 22 new, skilled jobs in Peterborough.
Noblegen Inc. was founded by scientists Adam Noble and Andressa Lacerda.
It manufactures specialty algaebased bioproducts for use in a wide range of other products, including food and beverage, nutritional supplements and animal feed.
The bioproducts are also used in waste water treatment.
The $600,000 – which is repayable – comes from FedDev Ontario.
It will be used to expand sales of the bioproducts to manufacturers of products such as all-natural nutritional supplements and pet food.
The loan is expected to allow the company to expand its sales worldwide.
MP Maryam Monsef, the Minister for of Status of Women, made the funding announcement at Noblegen’s plant on The Parkway on Thursday.
“This funding will help an inspiring local start-up to reach new markets,” she stated in a release. “It’s proof of what can be accomplished when we invest in young entrepreneurs.”
Noble launched his company in 2013, when he was just 19.
He developed the earliest versions of his technology for a science fair at Lakefield District Secondary School. That project went on to national acclaim and continued to develop.