Polystyvert, an innovative company specializing in recycling technologies and the circular economy of styrenic plastics (polystyrene and ABS), announces the closing of a first tranche of a Series B funding for over $16 million. This investment represents another step for the company towards the construction of its very first commercial plant in Québec, dedicated to recycling highly contaminated polystyrene waste.
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With funding from European and North American investors, Polystyvert will further solidify its position as a leader in the field of styrenic plastics circularity, thanks to its patented dissolution and purification technology. Other investors will participate in the second tranche of this financing to enable the Series B round to raise up to $30M.
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“This announcement, in the current economical context, reflects the unwavering support of our investors in our team and our proven technology, which is not only economically viable but also represents the shortest recycling loop for this type of waste, greatly reducing its environmental footprint. All the conditions for success are thus met to move forward with the next steps towards our first commercial plant in Montréal. This is a key step in the promotion of our technology, which will allow us to achieve our ambitious goals in order to break into strategic global markets and position ourselves as a key player in the circularity of styrenic plastics in collaboration with the industrial leaders of this value chain,” said Ms. Nathalie Morin, President and CEO of Polystyvert.
Remaining true to its roots as a technological innovator, part of this funding will also be dedicated to further diversify Polystyvert’s intellectual property (IP) portfolio, which already includes over forty patents with worldwide coverage.
Polystyvert is grateful to the investors in the Series B round who are supporting the company in a new era in the circularity of highly contaminated styrenic plastics. Infinity Recycling led the round, followed by SWEN Blue Ocean, and Earth Foundry, an existing shareholder.
“Polystyvert’s game-changing recycling process upcycles contaminated plastic waste into premium materials. This commitment to scaling advanced recycling technologies is crucial in tackling the plastic waste crisis and fostering sustainable circular market growth,” declared Jan-Willem Muller, Managing Partner at Infinity Recycling.
About Polystyvert
Founded in 2011, Polystyvert is a Montreal-based clean technology company that is revolutionizing plastic recycling by implementing a circular economy. Through its unique process of dissolution-based recycling and low-temperature, low-pressure purification, Polystyvert can recycle and purify plastic waste that is typically considered non-recyclable due to high contamination. The result is a recycled raw material of unparalleled purity that can replace virgin plastics while reducing greenhouse gas emissions (GHGs) by up to 90% in an economical manner, meeting the needs of various sectors.
