First Phase of Series B Funding Closes with Major Support
Polystyvert, a leader in recycling technologies for styrenic plastics, has successfully closed the first phase of its Series B funding round, securing over $16 million. This significant investment will facilitate the construction of the company’s first commercial recycling plant in Québec, aimed at processing highly contaminated polystyrene waste. This initial funding round has garnered backing from European and North American investors, with additional participants expected to contribute to the second tranche, pushing the total Series B funding goal to $30 million.
Boosting Intellectual Property and Market Expansion
The newly secured funds will not only support the construction of the plant but also enhance Polystyvert’s intellectual property portfolio, which currently boasts over forty patents. Leading the funding round was Infinity Recycling, with notable contributions from SWEN Blue Ocean and Earth Foundry. This financial boost underscores the confidence investors have in Polystyvert’s team and innovative technology.
Advancing Revolutionary Recycling Technology
“Polystyvert has developed a unique technology to recycle styrenic polymers, combining the best aspects of mechanical and chemical recycling. This technology is cost-effective, scalable, capable of treating contaminated feedstock, and produces virgin-quality end products,” stated Olivier Raybaud, managing director at SWEN Blue Ocean. Nathalie Morin, president and CEO of Polystyvert, emphasized the economic viability and environmental benefits of their technology, which aims to create new markets for styrenic polymer wastes and significantly reduce their environmental footprint. The first commercial plant in Montréal is projected to be operational by 2026, contingent on the successful completion of the Series B funding round.
