Polystyvert gets new round of financing to develop full-scale polystyrene recycling plant
New strategic and private investors join the investors syndicate.
Montreal-based specialty recycling company Polystyvert has closed a round of funding to facilitate the development of a full-scale polystyrene (PS) recycling plant.
The round includes new investor BEWI Group, a European provider of packaging, components, and insulation solutions, and said to be one of the largest integrated expandable PS (EPS) producers in Europe with an annual EPS production capacity of 200,000 tons, as well as new private investors.
Existing investors Anges Quebec, Anges Quebec Capital, Cycle Capital, and Quadriam also participated in the round.
Proceeds will be used to facilitate the development of a full-scale plant – a strategic milestone for the company to demonstrate the high level of resin purity reached with Polystyvert’s innovative proprietary process, as well as its excellent environmental footprint.
“BEWI sees great potential in Polystyvert’s technology because it has the ability to treat highly contaminated streams while remaining very energy efficient,” BEWI chief operating officer Jonas Siljeskär said. “We believe this technology could be a game-changer for using recycled material in food packaging.”
Founded in 2011, Polystyvert has developed a low-carbon-footprint process to recycle polystyrene 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.