Montreal-based clean technology startup Polystyvert has closed a new financing to help develop a full-scale polystyrene recycling plant. No financial terms were disclosed. The round includes new investor BEWI Group as well as existing investors Anges Quebec, Anges Quebec Capital, Cycle Capital Management and Quadriam.
MONTREAL, June 23, 2021 /CNW Telbec/ – Polystyvert, an innovative company leading the way in polystyrene (PS) recycling with a novel dissolution-based technology, announces the closing of a funding round to facilitate the development of a full-scale polystyrene recycling plant. The round includes new investor BEWI Group, a leading European provider of packaging, components, and insulation solutions, and one of the largest integrated Expandable Polystyrene (EPS) producers in Europe with an annual EPS production capacity of 200,000 tons, as well as new private investors. Existing investors Anges Quebec, Anges Quebec Capital, Cycle Capital and Quadriam also participated in the round.
Proceeds will be used to facilitate the development of a full-scale plant – a strategic milestone for the company to demonstrate the high level of resin purity reached with Polystyvert’s innovative proprietary process, as well as its excellent environmental footprint.
“BEWI sees great potential in Polystyvert’s technology because it has the ability to treat highly contaminated streams while remaining very energy efficient. We believe this technology could be a game-changer for using recycled material in food packaging,” says Jonas Siljeskär COO of BEWI.
“Thanks to the financial backing from BEWI, as well as existing investors, we will be able to demonstrate the technological maturity of the Polystyvert process and to prove it has the best LCA on the market” said Solenne Brouard Gaillot, CEO, Polystyvert. This funding, coupled with BEWI’s expertise, will enable us to expand our presence and commercialize our technology in Europe where the demand for recycled plastic is increasing the fastest.”
Founded in 2011, Polystyvert is a Montreal-based clean technology startup that has developed an innovative, low-carbon-footprint process to recycle polystyrene based on a dissolution technology. Effective on all types of polystyrene, Polystyvert’s technology includes a purification process that removes all contaminants. The result is a high purity recycled resource that can be reused for upcycled polystyrene products, opening the door to a larger market than actual mechanical recycling technologies.
Polystyvert’s technology addresses a major global environmental issue, since large quantities of post-consumer or post-industrial polystyrene waste are buried in landfills every year, while more and more new polystyrene is produced. Polystyvert’s technology offers a great opportunity to reduce the consumption of fossil fuels used in the production of new polystyrene and reduce GHG emissions.