Performance Plants raises $13 million

Kingston ON-based Performance Plants Inc (PPI) has raised $13 million in private equity to further develop its crop seed traits, accelerate commercialization of its food crop traits and develop its recent foray into biofuels. The equity financing was led by Toronto's Ceres Global Ag Corp and includes Eastwood Capital Corp, Toronto, Endurseaux, Montreal, and a Boston-based investment syndicate that includes Saturn Asset Management. PPI's technologies are based on its proprietary yield protection technology which enables plants to better withstand drought conditions and respond faster to watering. PPI recently expanded beyond its R&D labs in Kingston and Saskatoon with the purchase of a biotechnology facility in Waterloo NY that will become the focus of its biofuels research activities. It has already forged an agreement with Lafarge Canada Inc to produce clean energy biomass for use as fuel at its cement plant in Bath ON. Biomass fuels will target liquid transportation fuels, coal replacement and biochemicals….