Brantford, Ontario clean technology company GreenMantra Technologies has secured up to $3 million in financing from Closed Loop Fund, a social impact fund managed by U.S.-based Closed Loop Partners. The proceeds will be used to expand the capacity of its manufacturing operations, which convert post-consumer and industrial waste plastics into high-value polyethylene and polypropylene waxes. The waxes are used in a range of industrial applications. GreenMantra’s other investors include ArcTern Ventures and Cycle Capital Management, which backed a $5.5 million round last year. The company is led by President and CEO Kousay Said.
Closed Loop Fund to Invest up to $3 Million In GreenMantra™ Technologies
Funding Will Expand Conversion of Waste Plastics into High-Value Polymers
BRANTFORD, Ontario, July 26, 2017 /PRNewswire/ — GreenMantra Technologies, a rapidly growing clean technology company that produces high-value polymer products from waste plastics, announced today that Closed Loop Fund will invest up to $3 million into an expansion of GreenMantra’s manufacturing operations in Brantford, Ontario.
The investment will enable GreenMantra to expand the capacity of its plant, which converts post consumer and industrial waste plastics, including hard to recycle films and bags, into high-value waxes. These polyethylene and polypropylene waxes, marketed under the CeranovusTM brand, are used in various industrial applications including asphalt paving and roofing, plastics processing, adhesives and coatings.
The expansion will increase the plant’s annual capacity of 5,000 metric tons by an additional 2,500 metric tons per year. This will help GreenMantra meet growing demand for its polymer products, as well as increase the diversion of waste plastics from disposal into sustainable reuse.
Closed Loop joins existing GreenMantra investors ArcTern Ventures and Cycle Capital Management in supporting the continued growth of the company. Both firms specialize in investing in companies focused on clean technology and sustainability.
Closed Loop Fund is a $100 million social impact fund that is working to increase the recycling of products and packaging. Its investors are some of the world’s leading retail and consumer goods companies including 3M, Coca Cola, Colgate Palmolive, Dr. Pepper Snapple Group, Keurig Green Mountain, Johnson & Johnson, Nestle Waters North America, Pepsico, Procter & Gamble, Unilever, and Walmart Foundation
“GreenMantra’s platform technology is an important innovation that builds a new regional market for post-consumer recycled mixed plastics,” said Margot Kane, chief financial officer and chief investment officer, Closed Loop Partners. “GreenMantra’s patented process enables the up-cycling of plastic waste into higher value products and is directly aligned with our goal of funding replicable technologies that will help unlock additional investment in recycling.”
Construction of the plant expansion is anticipated to begin later this year with start-up of the new capacity slated for Q3 2018.
“We are pleased with Closed Loop Fund’s investment in our technology and their belief in our proven business model,” said Kousay Said, president and chief executive officer of GreenMantra. “We are taking plastic waste that is destined for the landfill and cost-effectively transforming it into materials that add significant value to our customers’ products and processes. This investment will enable us to continue our rapid growth and provides additional credibility for our efforts.”
Based in Brantford, Ontario, GreenMantra™ Technologies utilizes a proprietary thermo-catalytic system and patented process to cost-effectively convert and “up-cycle” waste plastics, including hard-to-recycle materials such as grocery bags and film, into high-value waxes and other specialty chemicals. These materials have a broad range of applications in the coatings, plastics processing, adhesives, roofing and paving industries. More information on the company, its products and its innovative technology can be found at www.greenmantra.ca
Photo courtesy of GreenMantra Technologies