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.
Contact :
|
Fabrice Giguère
Communications Advisor
514 262-2437
fgiguere@polystyvert.com
|
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SOURCE Polystyvert Inc.