Gensource Potash announces agreement to acquire Innovare Technologies valued at $15 million

Mike Edwards   

News acquisition agreement

The Tugaske potash mine, set to begin construction this year, will be the first Saskatchewan mine with no tailings or brine ponds, says the company. (Gensource Potash image)

Gensource Potash Corp. of Saskatoon, a fertilizer development company focused on sustainable potash production, is pleased to announce it will acquire Carlyle, SK-based Innovare Technologies Ltd., a developer of patented selective solution mining and brine processing technology for the recovery of potash and other soluble minerals.

Following completion of a reorganization, Innovare will exist as a wholly-owned subsidiary of Gensource and Innovare’s business will be integrated with and controlled by Gensource.

Gensource has worked with Innovare over the last six years in the development of Gensource’s modular potash production module. The company’s potash project located near Tugaske, SK, will be the first project to implement a Gensource module.

Innovare’s technology is said to contribute industry-proven techniques and new, innovative, and patented technology that de-risks selective extraction and is expected to lower capital and operating costs for the Tugaske Project and beyond. By bringing this technology in-house, Gensource will control the intellectual property that allows it to implement its strategic business plan, which management of Gensource believes will be the future of potash production.

The closing of the transaction agreement values Innovare at approximately $15 million, which represents the current value of existing licensing agreements between the company and Innovare. The agreement is anticipated to close in Q2 2022.

Innovare Technologies specializes in drilling, solution mining and processing technologies for potash and other soluble mineral mining projects.

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