Montreal-based Polystyvert, which has developed a low-carbon-footprint process to recycle polystyrene, has closed a $11 million funding round.
The funding comes from existing investors Anges Québec, Anges Québec Capital, and Cycle Capital Management, with participation from new investors Quadriam Investments, Energy Foundry, and Transition énergétique Québec. Polystyvert also received funding from Sustainable Development Technology Canada.
“The innovative technology developed by Polystyvert will revolutionize the polystyrene industry by creating a circular economy while solving a major environmental challenge.”
Polystyvert is leveraging dissolution technology to develop a low-carbon-footprint process that recycles polystyrene. The technology includes a purification process that removes all contaminants in polystyrene and reduces transportation costs, ultimately creating a high-purity recycled resource that can be used for upcycled polystyrene products. The company’s broader goal is to address the global environmental issue of large quantities of post-consumer or post-industrial polystyrene waste that is buried in landfills every year.
“Polystyvert is proud to welcome Quadriam Investments and Energy Foundry among its equity investors, as well as Transition énergétique Québec, while renewing our collaboration with our current investors,” said Solenne Brouard Gaillot, founder and CEO of Polystyvert. “The innovative technology developed by Polystyvert will revolutionize the polystyrene industry by creating a circular economy while solving a major environmental challenge.”
Polystyvert said it plans to use the funding to scale up and accelerate the development of its recycling technology.
“Polystyvert is solving a tremendously important global challenge in waste plastics, and their disruptive technology and business model create a unique platform for polystyrene recycling to reach scale,” said Sara Chamberlain, managing director of Energy Foundry. “We are excited to support this company’s future growth and the future environmental impact of their innovation.”
Photo via Polystyvert
