Saturday, July 20, 2024

Polystyvert secures $16 million to revolutionize polystyrene recycling

Polystyvert , an innovative company specializing in recycling and circular economy technologies for styrenic plastics, announces the closing of a first tranche of a Series B financing of more than $16 million. This investment represents a further step for the company towards the construction of its first commercial plant in Quebec , dedicated to the recycling of highly contaminated polystyrene waste. With financing from European and North American investors, Polystyvert will further consolidate its position as a leader in the field of circularity of styrenic plastics , 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 $30 million.

A crucial step for the future of Polystyvert

With an increasingly strict environmental regulatory framework around the world and a growing demand for sustainable solutions in plastic recycling, this Series B fundraising comes at a strategic time for Polystyvert. It lays the foundation for the industrial-scale commercialization of its already proven technology at pilot and demonstration unit scale.

“This announcement, in the current economic context, reflects the unwavering support of our investors for our team and our proven technology, which is not only economically viable but also represents the shortest recycling cycle for this type of waste, greatly reducing its environmental footprint. All the conditions are therefore met for success and for taking the next steps towards our first commercial plant in Montreal . This is a key step in promoting our technology, which will allow us to achieve our ambitious goals of entering strategic global markets and positioning ourselves as a key player in the circularity of styrenic plastics in collaboration with industrial leaders in this value chain,” said Nathalie Morin , President and CEO of Polystyvert.

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True to its roots as a technology innovator, part of this funding will also go towards further diversifying Polystyvert’s intellectual property (IP) portfolio, which already includes more than forty patents with global coverage.

Support from financial partners

Polystyvert thanks Series B investors who are supporting the company in a new era of circularity for highly contaminated styrenic plastics. Infinity Recycling led the round, followed by SWEN Blue Ocean and Earth Foundry, an existing shareholder.

“Polystyvert’s innovative recycling process recycles contaminated plastic waste into premium materials. This commitment to scaling up advanced recycling technologies is crucial to addressing the plastic waste crisis and fostering sustainable growth in the circular market,” said Jan-Willem Muller , Managing Partner of Infinity Recycling.

“Polystyvert has developed a unique technology to recycle styrenic polymers. It combines the best of mechanical and chemical recycling with low costs, small-scale units, the ability to treat contaminated raw materials and virgin quality end products. This technology will create new markets for styrenic polymer waste and help divert it from nature and landfills,” said Olivier Raybaud , Managing Director of SWEN Blue Ocean.

SOURCE: PRNewswire

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