Betakit, Canada, reports that Polystyvert, a Montreal-based polystyrene recycling company, has raised $4.9 million in funding to upgrade its equipment and facilities.
“With this financing, not only can we begin acquiring the equipment we need to grow, but it also takes us one step closer to our ultimate goal of making polystyrene recycling accessible all across Quebec, Canada, and eventually the world,” Polystyvert President Solenne Brouard Gaillot told Betakit. “The Montreal plant will be the first facility built around our innovative recycling process. It’s the first plant of its kind in the world.”
The funding was provided by:
- Members of Anges Quebec, Montreal;
- Anges Quebec Capital;
- Cycle Capital Management, Montreal;
- BDC Capital, Wakefield, Massachusetts; and
- Sustainable Development Technology Canada, Ontario.
Polystyvert uses a process that dissolves polystyrene in oil. The oil is then separated from the primary material, which can be reused in products like commercial packaging, insulation and food product trays. The company also maintains drop-off locations at recycling centers in Granby, Quevec, and Waterloo, Ontario, according to the article.
“The green technology developed by Polystyvert is simple, exportable and effective in meeting a range of different needs,” Marianne Lépinoit, a member of Anges Quebec and founding partner of Montreal-based HexaB Consulting, told Betakit. “It’s a groundbreaking solution that significantly reduces the economic and financial impacts of polystyrene. Solenne is a visionary entrepreneur with the foresight to put together a strong team of strategic partners and the open mind needed to get a project like this off the ground.”