Polystyvert secures $16M to revolutionize polystyrene recycling, enabling the global deployment of innovative technology for sustainable polystyrene production from plastic waste
Summary
MONTR\xc9AL, July 8, 2024 /PRNewswire/ -- Polystyvert, an innovative company specializing in recycling technologies and the circular economy of styrenic plastics (polystyrene and ABS), announces the closing of a first tranche of a Series B funding for over $16 million. With funding from European and North American investors, Polystyvert will further solidify its position as a leader in the field of styrenic plastics circularity, thanks to its patented dissolution and purification technology. This is a key step in the promotion of our technology, which will allow us to achieve our ambitious goals in order to break into strategic global markets and position ourselves as a key player in the circularity of styrenic plastics in collaboration with the industrial leaders of this value chain," said Ms. Nathalie Morin, President and CEO of Polystyvert.Remaining true to its roots as a technological innovator, part of this funding will also be dedicated to further diversify Polystyverts intellectual property (IP) portfolio, which already includes over forty patents with worldwide coverage.Financial Partners SupportPolystyvert is grateful to the investors in the Series B round who are supporting the company in a new era in the circularity of highly contaminated styrenic plastics. It combines the best of mechanical and chemical recycling with low costs, small-scale units, ability to treat contaminated feedstock and virgin-quality end products. The fund implements a return and impact-driven investment strategy that drives value creation in advanced recycling and accelerates the transition to a circular economy for plastics.