The Government of Canada announced November 30, Montréal-based cleantech startup, Polystyvert, has received $3.5 million in funding through Sustainable Development Technology Canada (SDTC).
This marks the second investment Polystyvert has received through SDTC.
“Since Polystyvert’s beginnings, the Government of Canada has been there to support the various stages of our technology’s development, from successful laboratory testing to the second-generation demonstration plant with a continuous process,” said Solenne Brouard, the founder of Polystyvert.
Founded in 2011, Polystyvert is a cleantech company that uses a patented dissolution technology to process polystyrene waste into high-quality recycled polystyrene. Polystyrene materials, such as some food packaging, are rarely recycled or accepted in curbside collection programs. These items are non-biodegradable and often end up in landfills or incinerated.
The company previously secured $3 million in June in a round that was supported by new investor BEWI Group, other new undisclosed private investors, and existing investors Anges Quebec, Anges Quebec Capital, Cycle Capital, and Quadriam. Prior to this the company had secured $11 million in 2018, and $4.9 million in 2016.
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The federal government’s added investment into Polystyvert comes in light of its climate action plan, which includes meeting 2030 climate commitments and reaching net-zero greenhouse gas emissions by 2050.
The plan included additional support for the SDTC by way of an added $750 million over five years to invest in cleantech. The SDTC’s goal is to help Canadian companies develop and deploy cleantech solutions to help solve pressing environmental challenges.
“Now is the time for ambitious climate action. Cleantech innovation, entrepreneurship and commercialization are key to the vital shift to a healthier environment and a net-zero carbon economy,” said François-Philippe Champagne, the minister of innovation, science and industry.
Polystyvert will use the investment to “complete the scale-up” of its patented recycling technology. It plans to do this by using the investment to take the final steps towards the construction of its first full-scale commercial plant. It hopes this will allow Canada to develop a circular economy for polystyrene recycling.