Montreal-based Pyrowave, a developer of advanced technology for recycling polystyrene waste, has received an undisclosed investment from Fonds de solidarité FTQ. The investment extends an April 2020 Series B financing, led by Michelin Ventures. Pyrowave’s other investors include Ecofuel and Sofinnova Partners.
MONTRÉAL, May 21, 2021 /CNW Telbec/ – As part of Quebec’s Green Economy Week, Pyrowave announced today that it has received an investment from the Fonds de solidarité FTQ (the “Fonds”).
The new investment from the Fonds will support Pyrowave’s growth by extending the series B investment round previously closed in April 2020 and led by Michelin Ventures. Additional proceeds will be used to support the fast-growing demand for Pyrowave’s leading technology by companies willing to adopt solutions that will help them reach their sustainability goals.
Pyrowave and Michelin entered into a joint development agreement last November to join efforts in delivering the first industrial scale plant converting polystyrene waste into low carbon styrene monomer. This partnership will ensure that the Pyrowave technology matches the highest standards of quality and performance in the chemical industry with a view to a certification and commercial roll-out in international markets. Following the announcement of this partnership, many chemical companies approached Pyrowave to introduce low carbon styrene monomer in their products. The additional funding from the Fonds will ensure Pyrowave can satisfy the growing demand for its technology.
“This investment represents the intensity of the momentum around sustainability. It also shows that solid technologies with strong intellectual property have the potential to disrupt a century-old industry and provide benefits to the environment,” said Pyrowave CEO Jocelyn Doucet. “10 years ago, it was very difficult to attract investment for innovation in the waste sector, but now organizations realize the impact of products’ end-of-life on the environment and are supporting technologies that have the ability to change the status quo.”
In addition to boosting Pyrowave’s global operations, the new funding from the Fonds de solidarité FTQ will boost the local economy in Quebec by creating jobs in the clean technology sector. “Sustainable development has been part of the mission, values and practices of the Fonds de solidarité FTQ since its creation 38 years ago,” reaffirmed Christian G. Brosseau, Vice-President for Investments, Strategic Capital, Energy and Environment at Fonds de solidarité FTQ . “This investment is a concrete illustration of our strategy which aims to support the most innovative companies, with a strong growth potential, and focusing on the environment.”
Today’s announcement of Fonds de solidarité FTQ’s investment in Pyrowave comes on the heels of the company’s appearance last week at the Federal Cleantech Export Committee where CEO Jocelyn Doucet spoke to the importance of looking into the environmental costs of carbon to make cleantech companies more competitive.
Founded in 2014, Pyrowave is the most advanced technology for recycling polystyrene waste into products that can replace virgin chemicals seamlessly. Pyrowave provides a unique technology to regenerate post-consumer plastics by breaking them down into intermediate products that are used to make plastics identical to virgin plastics, restoring their full value without loss of quality. Pyrowave’s patented microwave catalytic depolymerization technology provides a modular and scalable high-power microwave technology worldwide, now at the forefront of a new revolution designed to increase resource efficiency. Thanks to its innovative low-carbon technology, Pyrowave is paving the way to a true circular economy of plastics. In April this year, Pyrowave’s contribution to sustainable development was recognized by BloombergNEF (BNEF) when it was selected as one of the 12 winners of the 2021 BNEF Pioneers who are advancing the low-carbon economy through innovative solutions. Pyrowave has also been selected among the 1000 most promising solutions by the prestigious Solar Impulse Foundation’s World Alliance for Efficient Solutions.
Pyrowave is a pioneer in the electrification of chemical processes based on low carbon footprint microwaves. Pyrowave is also a leader in the plastic circular economy and chemical recycling to regenerate post-consumer and post-industrial plastics into new plastics, reclaiming these resources’ full value. Its patented high-powered microwave catalytic depolymerization technology platform is the most advanced in the world and is now at the forefront of the next generation of plastics. By restoring plastics to their molecular state identical to virgin materials, Pyrowave technology enables infinite recycling of plastics and provides a circular economy solution to meet the global plastics recycling challenge.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is investing in a better society thanks to its over 700,000 shareholder-savers. Through its private equity and venture capital investments, the Fonds seeks to have a positive impact on society, namely in the health, environmental and innovation sectors. With net assets of $15.6 billion as at November 30, 2020, the Fonds supported over 3,300 partner companies and more than 220,000 jobs.