The CanTimber Biotech project on the waterfront is no more.
The Port Alberni Port Authority announced yesterday it has cancelled their licence of occupation with the Chinese company that was attempting to turn woodchips into activated carbon for the water filtration industry.
Port Authority president and CEO Zoran Knezevic said the theory behind the project was good, but unfortunately failed in the marketplace.
He said the Port Alberni Port Authority invested $250,000 into the project in engineering studies, and due diligence in assisting CanTimber, but they will get most of that money back.
Knezevic said the Port Authority will also recoup their investment by selling off the equipment left behind, and are already negotiating with a potential buyer.
He said they also gained an air quality station, and valuable experience.