Pyrowave will use a $7 million loan from the Quebec government to expand a pilot plant and its Centre of Excellence in Microwave Technologies located in Salaberry-de-Valleyfield.
The credit facility will also help Pyrowave hire new talent, and continue developing and improving its unique and patented technologies, it said in a statement.
This investment is the culmination of a series of announcements made by Pyrowave in recent months, including a joint development agreement with Michelin. Since the announcement of this partnership, Pyrowave has continued its rapid growth on international markets.
The new loan, combined with the recent investment by the Fonds de solidarité FTQ, will allow Pyrowave to become more competitive in international markets.
Spin-offs for Quebec
The loan granted by the Quebec Government will help support and improve a team of highly qualified researchers, creating a dozen jobs, in addition to attracting and retaining talent in Quebec. As part of this financing, Pyrowave will also repatriate its head office to Quebec to consolidate its operations.
“We are proud that the government recognizes and supports the new generation of companies at the source of green growth in Quebec, specifically in the circular economy of plastics, a global issue that provides international growth opportunities”, said Jocelyn Doucet, CEO of Pyrowave.
“Through talents, technological know-how and geographic positioning, the Province of Quebec is a strategic location to support our growth and development”, he continued.
“In the context of economic recovery and the fight against climate change, businesses must innovate and focus on the circular economy in order to be competitive. The recycling technology of certain plastics developed by Pyrowave has a tremendous potential to reduce Quebec’s environmental footprint and promote our know-how internationally”, said Pierre Fitzgibbon, minister of the economy and innovation and minister responsible for regional economic development.
The Pyrowave technology platform is the result of a Quebec innovation using microwaves to manufacture chemicals using electricity, which can be entirely renewable.
This innovation reduces the environmental impact of products and reduces the waste generated by traditional processes.
One of its applications is to return plastic waste to its original form, monomers, which can then be reused in original applications identical to those using virgin materials. This approach avoids the extraction of virgin raw materials and therefore avoids all the environmental impacts associated with the transformation of these virgin materials into finished products.
By continuing its development within its Microwave Technology Centre of Excellence, Pyrowave technology aims to become a platform for the next generation of sustainable processes through a portfolio of innovative patents, contributing to a lower carbon manufacturing industry.
Pyrowave is a pioneer in the electrification of chemical processes based on low carbon footprint microwaves. Its patented high-powered microwave catalytic depolymerization technology platform is at the forefront of the next generation of plastics.