Polystyvert, a pioneer in advanced recycling technologies, has announced the successful closure of the first tranche of its Series B funding, securing over $16 million. This significant investment, garnered from both European and North American backers, marks a pivotal step in Polystyvert’s mission to construct its first commercial recycling facility in Québec, specifically designed to process highly contaminated polystyrene waste.
This funding round is not just a financial milestone but a strategic leap forward for Polystyvert, positioning the company as a leader in the circular economy for styrenic plastics, which includes polystyrene and ABS. The company’s innovative approach centres on its patented dissolution and purification technology, which has already demonstrated its efficacy at pilot and demonstration scales. The new plant, set to be operational by 2026 in Montréal, will bring this technology to an industrial level, aiming to significantly reduce the environmental impact of styrenic plastics by converting contaminated waste into high-quality reusable materials.
Nathalie Morin, President and CEO of Polystyvert, expressed her optimism about the future, stating, “This investment reflects the strong confidence our investors have in our team and technology. It’s not only economically viable but also offers the shortest recycling loop for this type of waste, greatly minimising its environmental footprint. With all the right conditions now in place, we are ready to move forward with our first commercial plant in Montréal. This is a critical step in promoting our technology and achieving our ambitious goals of entering strategic global markets. We aim to establish ourselves as a key player in the circular economy of styrenic plastics, in collaboration with industry leaders.”
The first tranche of this Series B round was led by Infinity Recycling, with significant contributions from SWEN Blue Ocean and Earth Foundry, the latter being an existing shareholder. These investors see Polystyvert’s technology as a game-changer in the recycling industry. Jan-Willem Muller, Managing Partner at Infinity Recycling, commented, “Polystyvert’s innovative recycling process transforms contaminated plastic waste into premium materials. This commitment to advancing recycling technologies is essential in addressing the global plastic waste crisis and fostering sustainable market growth.”
Olivier Raybaud, Managing Director at SWEN Blue Ocean, added, “Polystyvert has developed a unique method to recycle styrenic polymers. This technology combines the best aspects of mechanical and chemical recycling, offering low-cost, small-scale units capable of handling contaminated feedstock, producing end products of virgin quality. This will open up new markets for styrenic polymer waste, helping to divert it from landfills and the environment.”
In addition to funding the new plant, a portion of the investment will be allocated to expanding Polystyvert’s intellectual property portfolio, which already boasts over 40 patents with global coverage. This will ensure the company continues to lead in the development of cutting-edge recycling technologies.
The second tranche of the Series B funding is expected to close within the next three months, aiming to raise the total investment to $30 million. With this backing, Polystyvert is poised to make a substantial impact on the global recycling industry, offering a viable solution to one of the most challenging aspects of plastic waste management. The company’s first commercial plant in Montréal will be a beacon of innovation in the field, demonstrating how technology can be leveraged to achieve a truly circular economy for plastics.