Polystyvert secures $16M to revolutionize polystyrene recycling, enabling the global deployment of innovative technology for sustainable polystyrene production from plastic waste Français
MONTRÉAL, July 8, 2024 /CNW/ - Polystyvert, an innovative company specializing in recycling technologies and the circular economy of styrenic plastics (polystyrene and ABS), announces the closing of a first tranche of a Series B funding for over $16 million. This investment represents another step for the company towards the construction of its very first commercial plant in Québec, dedicated to recycling highly contaminated polystyrene waste. With funding from European and North American investors, Polystyvert will further solidify its position as a leader in the field of styrenic plastics circularity, thanks to its patented dissolution and purification technology. Other investors will participate in the second tranche of this financing to enable the Series B round to raise up to $30M.
A Crucial Step for Polystyvert's Future
With an increasingly stringent environmental regulatory framework worldwide and a growing demand for sustainable solutions in plastic recycling, this Series B fundraising arrives at a strategic moment for Polystyvert. It lays the ground for the industrial-scale commercialization of its technology already proven at the pilot and demonstration unit scale.
"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. All the conditions for success are thus met to move forward with the next steps towards our first commercial plant in Montréal. 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," said Ms. Nathalie Morin, President and CEO of Polystyvert.
Remaining true to its roots as a technological innovator, part of this funding will also be dedicated to further diversify Polystyvert's intellectual property (IP) portfolio, which already includes over forty patents with worldwide coverage.
Financial Partners' Support
Polystyvert is grateful to the investors in the Series B round who are supporting the company in a new era in the circularity of highly contaminated styrenic plastics. Infinity Recycling led the round, followed by SWEN Blue Ocean, and Earth Foundry, an existing shareholder.
"Polystyvert's game-changing recycling process upcycles contaminated plastic waste into premium materials. This commitment to scaling advanced recycling technologies is crucial in tackling the plastic waste crisis and fostering sustainable circular market growth," declared Jan-Willem Muller, Managing Partner at Infinity Recycling.
"Polystyvert has developed a unique technology to recycle styrenic polymers. It combines the best of mechanical and chemical recycling with low costs, small-scale units, ability to treat contaminated feedstock and virgin-quality end products. This technology will create new markets for styrenic polymer wastes and help divert them from nature and landfill," declared Olivier Raybaud, Managing Director at SWEN Blue Ocean.
An Influential Player in Plastic Waste Decontamination
By positioning itself as a key player in the circular economy of styrenic plastics, Polystyvert collaborates with international industry leaders who aim to achieve zero plastic waste goals, in line with UN negotiations and government environmental policies. Furthermore, the technology directly addresses the challenges of plastic waste purification through processes that remove all contaminants found in plastic compounds, allowing safe recycled content to be used in the same applications as virgin resin.
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 $30M. Polystyvert's first commercial recycling plant, to be located in Montreal (Canada), is expected to be operational in 2026.
About Infinity Recycling
Infinity Recycling BV was established in 2019 to create markets for end-of-life waste streams by investing in advanced technologies that enable circularity in the plastics industry. Their first offering, the Circular Plastics Fund, contributes to solving the plastic waste problem and unlocking much-needed capacity in high-in-demand recycled commodities. The fund implements a return and impact-driven investment strategy that drives value creation in advanced recycling and accelerates the transition to a circular economy for plastics. Building on the momentum in investor interest and deployment, the fund recently closed their first fund for €175 million.
About SWEN Blue Ocean
SWEN Blue Ocean backs startups that deliver both systemic impact and competitive market returns. Our focus is on solutions to overfishing, ocean pollution and marine solutions to climate change. SWEN Blue Ocean's first fund was launched at the World Conservation Congress of the IUCN in 2021, in scientific partnership with Ifremer. The strategy deploys €170 million in innovative ocean health startups, with over 80% institutional investors.
About Earth Foundry
Earth Foundry's founding team pioneered a new way of investing in and building cleantech startups more than a decade ago and has been honoured to serve as early investors catalyzing groundbreaking climate innovations. Now scaling up its unique model, Earth Foundry continues its unwavering dedication to building great companies that drive positive change across energy, mobility, water, waste and agriculture innovations.
About Polystyvert
Founded in 2011, Polystyvert is a Montreal-based clean technology company that is revolutionizing plastic recycling by implementing a circular economy. Through its unique process of dissolution-based recycling and low-temperature, low-pressure purification, Polystyvert can recycle and purify plastic waste that is typically considered non-recyclable due to high contamination. The result is a recycled raw material of unparalleled purity that can replace virgin plastics while reducing greenhouse gas emissions (GHGs) by up to 90% in an economical manner, meeting the needs of various sectors.
Polystyvert provides the shortest recycling loop for both polystyrene and ABS, serving industries such as packaging, construction, electronics, automotive, and toys. The technology is protected by over 40 patents across 17 countries.
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Fabrice Giguère |
SOURCE Polystyvert Inc.
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