Polystyvert, a clean technology company, has closed the first tranche of its Series B funding, securing more than $16m.
The funding round was led by Infinity Recycling, with contributions from SWEN Blue Ocean and Earth Foundry, an existing stakeholder.
This investment will contribute to the establishment of the company's inaugural commercial plant in Québec, Canada.
Set to be operational by 2026, the proposed facility will focus on recycling highly contaminated polystyrene (PS) waste.
Polystyvert expects the funding to reinforce its position in the circular economy of styrene plastics, leveraging its proprietary dissolution and purification technology.
The company also plans to allocate a portion of the funds to expand its intellectual property portfolio, which already boasts more than 40 patents with global reach.
With the first tranche completed, Polystyvert anticipates the closure of a second tranche within the next three months.
The combined total from both tranches could reach up to $30m.
Polystyvert president and CEO Nathalie Morin said: "This announcement, in the current economical context, reflects the unwavering support of our investors in our team and our proven technology, which is not only economically viable but also represents the shortest recycling loop for this type of waste, greatly reducing its environmental footprint.
“All the conditions for success are thus met to move forward with the next steps towards our first commercial plant in Montréal. 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."
Polystyvert, which was founded in 2011, specialises in recycling technologies and the circular economy of styrenic plastics, encompassing both PS and acrylonitrile butadiene styrene.
The company leverages a dissolution-based recycling and low-temperature, low-pressure purification process, to recycle and purify plastic waste that is typically deemed non-recyclable due to high levels of contamination.
