GreenMantra Recycling receives funding boost

GreenMantra Recycling Technologies Ltd., Brantford, Ontario, has received funding of up to $600,000 from the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) to allow it to expand the market development for its Ceranovus A Series wax. The company’s process focuses on converting plastic scrap into high-value specialty chemicals such as waxes, greases and lubricants.

The company also will use some of the funding to develop and implement a resource planning system to automate aspects of the business, which will help increase its operational efficiency.

FedDev Ontario’s repayable contribution is made through the Investing in Business Innovation initiative, which is aimed at strengthening the innovation ecosystem in southern Ontario by supporting new entrepreneurs, early-stage businesses and angel investors.

GreenMantra Recycling Technologies, founded in 2010, specializes in recycling different grades of plastic scrap, ultimately converting the material into a wax product.

GreenMantra Recycling Technologies had already received $750,000 in funding through FedDev Ontario's Investing in Business Innovation initiative in early 2013, which supported the full-scale commercialization testing of synthetic waxes from recycled plastic.