Pyrowave closes second investment round for plastic waste technology
The investment marks the first step towards bringing the Montreal-based cleantech startup's modular technology to market and provide a scalable, viable and sustainable way to recycle plastic waste.
Pyrowave, a cleantech innovator in Montreal with a technology that makes plastic infinitely recyclable, has wrapped up a second round of investment.
The round is led by France-based tire maker Michelin; and Sofinnova Partners, a European life sciences venture capital firm based in Paris, London and Milan.
“This investment is a concrete illustration of our venture capital strategy which aims to support the most innovative companies, with a strong growth potential, and focusing on the relevant domains for our businesses,” Matthieu van der Elst, Michelin Ventures, said in a statement. “Alongside our current portfolio and our outstanding R&D, this investment strengthens the Michelin’s position as a referent in the field of high technology sustainable materials.”
“After more than one year of technological review, the Pyrowave technology demonstrated its ability to produce recycled styrene monomer from plastic waste to be later integrated in the production of synthetic rubber, a major component found in tires,” the statement continued. “Michelin has assessed Pyrowave technology and has decided to support it.”
Pyrowave’s technology disrupts plastic recycling using a proprietary modular microwave-based technology.
“With traditional recycling technologies, the market applications of recycled plastics are very limited because of contamination or plastic degradation during the process which reduces its quality and potential for applications,” Pyrowave CEO Jocelyn Doucet said. “New recycling technologies like Pyrowave’s decompose the complex chemical structure of plastics back into a simpler form that can be used to make virgin plastics and other products in multiple applications. This investment marks a turning point in the circular economy of plastics and the support from Michelin sends the signal that the market is ready to implement these solutions.”