As part of Quebec’s Green Economy Week, Pyrowave received an investment from the Fonds de solidarité FTQ (the Fonds).
The new investment from the Fonds will support Pyrowave’s growth by extending the series B investment round previously closed in April 2020 and led by Michelin Ventures. Additional proceeds will be used to support the fast-growing demand for Pyrowave’s technology.
Pyrowave and Michelin entered into a joint development agreement last November to join efforts in delivering the first industrial scale plant converting polystyrene waste into low carbon styrene monomer. This partnership will help Pyrowave achieve quality standards with a view to a certification and commercial roll-out in international markets.
Following the announcement of this partnership, many chemical companies approached Pyrowave to introduce low carbon styrene monomer in their products. The additional funding from the Fonds will ensure Pyrowave can satisfy the growing demand for its technology.
“This investment represents the intensity of the momentum around sustainability. It also shows that solid technologies with strong intellectual property have the potential to disrupt a century-old industry and provide benefits to the environment,” said Pyrowave CEO Jocelyn Doucet.
“Ten years ago, it was very difficult to attract investment for innovation in the waste sector, but now organizations realize the impact of products’ end-of-life on the environment and are supporting technologies that have the ability to change the status quo.”
Clean tech jobs
In addition to boosting Pyrowave’s global operations, the new funding from the Fonds de solidarité FTQ will boost the local economy in Quebec by creating jobs in the clean technology sector.
“Sustainable development has been part of the mission, values and practices of the Fonds de solidarité FTQ since its creation 38 years ago,” said Christian G. Brosseau, vice-president for investments, strategic capital, energy and environment at Fonds de solidarité FTQ .
“This investment is a concrete illustration of our strategy which aims to support the most innovative companies, with a strong growth potential, and focusing on the environment.”
Founded in 2014, Pyrowave provides technology to regenerate post-consumer plastics by breaking them down into intermediate products that are used to make plastics identical to virgin plastics, restoring their full value without loss of quality.
Pyrowave’s patented microwave catalytic depolymerization technology provides a modular and scalable high-power microwave technology worldwide.
In April this year, Pyrowave’s was selected as one of the 12 winners of the 2021 BNEF Pioneers who are advancing the low-carbon economy through innovative solutions. Pyrowave has also been selected among the 1000 most promising solutions by the prestigious Solar Impulse Foundation’s World Alliance for Efficient Solutions.