Quebec’s Exxel Polymers receives funding for growth
Canadian Plastics
Canadian Plastics Recycling SustainabilityThe governments of Canada and Quebec are providing a total of $2,895,150 to the recycled material seller.
Quebec-based recycled plastic vendor Exxel Polymers has received a total of $2,895,150 from the governments of Canada and Québec, to buy equipment to increase its productivity and production capacity.
In a May 24 news release, government officials said the aim of the investment project, valued at over $4 million in total, is to enable Exxel Polymers Inc. to meet the demand and pursue its growth and efforts to export.
As part of this project, the Government of Canada is providing a repayable contribution of $1 million under CED’s Regional Economic Growth through Innovation program. For its part, the Government of Quebec is granting a loan of $1,440,000under the ESSOR program, administered by Investissement Quebec (IQ) as the government’s representative, as well as a loan of $455,150 from IQ’s own capital funds.
“Thanks to this crucial investment, we are at the point of doubling our production capacity and setting out to conquer new markets, thereby strengthening our position as an industry leader,” Exxel Polymers general manager Hans Fortin said. “In concrete terms, IQ and CED are helping Exxel Polymers as it turns plastic waste into valuable resources, while also reducing the carbon emissions associated with the production of new plastics. We are combining economic development with sustainable development.”
Founded in 2003 and headquartered in Bromont, Que., in the Estrie region, Exxel Polymers collects post-industrial and post-consumer plastic waste from different sources to process and transform it through granulation, shredding, and extrusion. The business sells the recycled materials through an established distribution network, and over half of its production is exported outside Quebec.