Plastics recycler GreenMantra gets $2.2 million in funding
A plastics recycler is among six Toronto-area cleantech companies receiving a total of $15.5 million in investments from the federal government’s Sustainable Development Technology Canada program.
GreenMantra Technologies of Brantford, Ont., is receiving $2.2 million to develop new ways to convert recycled plastics into new products.
Founded in 2010, GreenMantra utilizes a process that transforms plastics into high-value specialty chemicals such as waxes, greases, and lubricants. The firm sells custom wax formulations as well as drop-in replacement waxes to a variety of market segments including colour masterbatch, roofing shingles, rubber, coatings, and road asphalt modifiers.
The other five investments include:
- $3.8 million for Electrovaya Inc. of Mississauga to develop electric batteries for commercial vehicles.
- $3 million for BionX International Corporation of Aurora to develop a lightweight propulsion system for electric bikes.
- $2.7 million for 3E Nano Inc. of Kitchener to create a new window coating to make buildings and vehicles more energy efficient.
- $1.9 million for Peak Power Inc. of Toronto to improve the energy storage capacity of batteries.
- $1.8 million for Vive Crop Protection of Toronto to create green products and technologies that increase farm efficiency and productivity.
The projects are being funded through Sustainable Development Technology Canada, which works with Canadian companies to bring early-stage clean technologies to market.
“From transportation to waste management, these companies demonstrate the strength and range of Ontario cleantech,” said Leah Lawrence, president and CEO, Sustainable Development Technology Canada. “Sustainable Development Technology Canada is proud to partner with these entrepreneurs to get their new technologies to the marketplace and deliver real environmental and economic benefits to all Canadians.”