GreenMantra Technologies, a clean technology company that produces polymer products from scrap plastics, has announced Closed Loop Fund will invest up to $3 million in an expansion of GreenMantra’s manufacturing operations in Brantford, Ontario.
The investment will enable GreenMantra to expand the capacity of its plant, which converts postconsumer and industrial scrap plastics, including films and bags, into high-value waxes, according to the company. These polyethylene (PE) and polypropylene (PP) waxes, marketed under the Ceranovus brand, are used in various industrial applications, including asphalt paving and roofing, plastics processing, adhesives and coatings.
The expansion will increase the plant’s annual capacity of 5,000 metric tons by an additional 2,500 metric tons per year. GreenMantra says it will help the company to meet growing demand for its polymer products, as well as increase the diversion of scrap plastics from disposal.
Closed Loop joins existing GreenMantra investors ArcTern Ventures and Cycle Capital Management in supporting the continued growth of the company. Both firms specialize in investing in companies focused on clean technology and sustainability.
“GreenMantra’s platform technology is an important innovation that builds a new regional market for postconsumer recycled mixed plastics,” says Margot Kane, chief financial officer and chief investment officer, Closed Loop Partners. “GreenMantra’s patented process enables the upcycling of plastic waste into higher value products and is directly aligned with our goal of funding replicable technologies that will help unlock additional investment in recycling.”
Construction of the plant expansion is anticipated to begin later this year with start-up of the new capacity slated for third quarter 2018.
“We are pleased with Closed Loop Fund’s investment in our technology and their belief in our proven business model,” says Kousay Said, president and CEO of GreenMantra. “We are taking plastic waste that is destined for the landfill and cost-effectively transforming it into materials that add significant value to our customers’ products and processes. This investment will enable us to continue our rapid growth and provides additional credibility for our efforts.”
The investment will enable GreenMantra to expand the capacity of its plant, which converts postconsumer and industrial scrap plastics, including films and bags, into high-value waxes, according to the company. These polyethylene (PE) and polypropylene (PP) waxes, marketed under the Ceranovus brand, are used in various industrial applications, including asphalt paving and roofing, plastics processing, adhesives and coatings.
The expansion will increase the plant’s annual capacity of 5,000 metric tons by an additional 2,500 metric tons per year. GreenMantra says it will help the company to meet growing demand for its polymer products, as well as increase the diversion of scrap plastics from disposal.
Closed Loop joins existing GreenMantra investors ArcTern Ventures and Cycle Capital Management in supporting the continued growth of the company. Both firms specialize in investing in companies focused on clean technology and sustainability.
“GreenMantra’s platform technology is an important innovation that builds a new regional market for postconsumer recycled mixed plastics,” says Margot Kane, chief financial officer and chief investment officer, Closed Loop Partners. “GreenMantra’s patented process enables the upcycling of plastic waste into higher value products and is directly aligned with our goal of funding replicable technologies that will help unlock additional investment in recycling.”
Construction of the plant expansion is anticipated to begin later this year with start-up of the new capacity slated for third quarter 2018.
“We are pleased with Closed Loop Fund’s investment in our technology and their belief in our proven business model,” says Kousay Said, president and CEO of GreenMantra. “We are taking plastic waste that is destined for the landfill and cost-effectively transforming it into materials that add significant value to our customers’ products and processes. This investment will enable us to continue our rapid growth and provides additional credibility for our efforts.”
Closed Loop Fund is a $100 million social impact fund that says it is working to increase the recycling of products and packaging. Its investors are some of the world’s leading retail and consumer goods companies, including 3M, Coca Cola, Colgate Palmolive, Dr. Pepper Snapple Group, Keurig Green Mountain, Johnson & Johnson, Nestle Waters North America, PepsiCo Inc., Procter & Gamble, Unilever and Walmart Foundation
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