Montreal-based Polystyvert has closed a funding round that will allow it to proceed with development of a full-scale polystyrene recycling plant.
The round includes new investor BEWI Group, a European provider of packaging, components, and insulation solutions, and one of the largest integrated Expandable Polystyrene (EPS) producers in Europe with an annual EPS production capacity of 200,000 tons. Existing investors Anges Quebec, Anges Quebec Capital, Cycle Capital and Quadriam also participated in the round.
“BEWI sees great potential in Polystyvert’s technology because it has the ability to treat highly contaminated streams while remaining very energy efficient. We believe this technology could be a game-changer for using recycled material in food packaging,” said Jonas Siljeskär COO of BEWI.
The full-scale plant will be a milestone allowing the company to demonstrate the high level of resin purity reached with its proprietary process, as well as its environmental footprint.
“Thanks to the financial backing from BEWI, as well as existing investors, we will be able to demonstrate the technological maturity of the Polystyvert process and to prove it has the best LCA on the market,” said Solenne Brouard Gaillot, CEO, Polystyvert.
“This funding, coupled with BEWI’s expertise, will enable us to expand our presence and commercialize our technology in Europe where the demand for recycled plastic is increasing the fastest.”
Founded in 2011, Polystyvert is a clean technology startup that has developed an innovative, low-carbon-footprint process to recycle polystyrene based on a dissolution technology.
Effective on all types of polystyrene, Polystyvert’s technology includes a purification process that removes all contaminants. The result is a high purity recycled resource that can be reused for upcycled polystyrene products, opening the door to a larger market than actual mechanical recycling technologies.
Polystyvert’s technology addresses a major global environmental issue, since large quantities of post-consumer or post-industrial polystyrene waste are buried in landfills every year, while more and more new polystyrene is produced. Polystyvert’s technology offers an opportunity to reduce the consumption of fossil fuels used in the production of new polystyrene and reduce GHG emissions.