Polystyvert closes first tranche of Series B funding for $16 million
Canadian Plastics
Canadian Plastics Materials Recycling SustainabilityThe investment brings the Montreal-based clean technology developer closer to the construction of its first commercial plant in Quebec, for recycling highly contaminated polystyrene waste.
Polystyvert’s demonstration plant. Photo Credit: Polystyvert Inc.
Montreal-based clean technology developer Polystyvert Inc. has closed the first tranche of a Series B funding for over $16 million, bringing it closer towards the construction of its very first commercial plant in Quebec, dedicated to recycling highly contaminated polystyrene (PS) waste.
The plant, to be located in Montreal, is expected to be operational in 2026.
In a July 8 news release, company officials say the funding lays the ground for the industrial-scale commercialization of its technology already proven at the pilot and demonstration unit scale.
With funding from European and North American investors, Polystyvert officials say the company will “further solidify its position as a leader in the field of styrenic plastics circularity,” thanks to its patented dissolution and purification technology.
Following the closing of the first tranche of the funding, the Series B round will remain open for a second tranche that is expected to close within the next three months, for a total amount from both tranches of up to $30 million.
“This announcement, in the current economical context, reflects the unwavering support of our investors in our team and our proven technology, which is not only economically viable but also represents the shortest recycling loop for this type of waste, greatly reducing its environmental footprint,” said Polystyvert president and CEO Nathalie Morin. “All the conditions for success are thus met to move forward with the next steps towards our first commercial plant in Montreal. This is a key step in the promotion of our technology, which will allow us to achieve our ambitious goals in order to break into strategic global markets and position ourselves as a key player in the circularity of styrenic plastics in collaboration with the industrial leaders of this value chain.”
Part of this funding will also be dedicated to further diversify Polystyvert’s intellectual property (IP) portfolio, the news release said, which already includes over forty patents with worldwide coverage.
Founded in 2011, Polystyvert has developed a low-carbon-footprint process to recycle PS based on a dissolution technology. Once dissolved, the process can mechanically and chemically separate contaminants and additives – including a wide range of hard-to-remove contaminants such as pigments and brominated flame-retardants – before finally separating the original polymer from the solvent. The end-product is then a cleaned polymer that can be used as new raw material resin again, to manufacture various categories of PS products, including food-grade applications.