Polystyvert raises multi-million deal for a circular polystyrene economy

(Image credit: Polystyvert).

09 Jul 2024 --- Polystyvert, a recycling specialist for styrenic plastics (polystyrene and ABS), has closed the first tranche of a Series B funding for over US$16 million.

WIth funding from Europe and North America, the investment supports the Canadian company’s first commercial plant in Québec that recycles highly contaminated polystyrene waste.

Founded in 2011, Polystyvert aims to serve new markets for styrenic polymer wastes with its patented dissolution and purification technology. The company targets the industrial-scale commercialization of this technology, which has been proven at the pilot and demonstration unit scale.

Other investors will participate in the second tranche of this financing to enable the Series B round to raise up to US$30 million.

“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,” says Nathalie Morin, president and CEO of Polystyvert.

“All the conditions for success are thus met to move forward with the next steps toward our first commercial plant in Montréal.”

Following the closing of the first tranche of the funding, the Series B round will remain open for a second tranche that is expected to close within the next three months, for a total amount from both tranches of up to US$30 million.

Polystyvert demo plant (Image credit: Polystyvert).Polystyvert’s first commercial recycling plant, to be located in Montreal, Canada, is expected to be operational in 2026.

Zeroing in on typically “non-recyclables”
Polystyvert highlights an increasingly stringent environmental regulatory framework worldwide and a growing demand for sustainable solutions in plastic recycling. It refers to its technology as the “shortest recycling loop for both polystyrene and ABS,” serving industries such as packaging, construction, electronics, automotive and toys.

Through its proprietary process of dissolution-based recycling and low-temperature, low-pressure purification, Polystyvert can recycle and purify plastic waste that is typically considered non-recyclable due to high contamination.

The result is a recycled raw material of unparalleled purity that can replace virgin plastics while reducing GHGs by up to 90% in an economical manner, meeting the needs of various sectors.

Part of the new funding will also be dedicated to further diversify Polystyvert’s intellectual property portfolio, which includes over forty patents across 17 countries.

Infinity Recycling led the funding round, followed by SWEN Blue Ocean and Earth Foundry, an existing shareholder.

“Polystyvert’s game-changing recycling process upcycles contaminated plastic waste into premium materials. This commitment to scaling advanced recycling technologies is crucial in tackling the plastic waste crisis and fostering sustainable circular market growth,” says Jan-Willem Muller, managing partner at Infinity Recycling.

“Polystyvert has developed a unique technology to recycle styrenic polymers. 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,” comments Olivier Raybaud, managing director at SWEN Blue Ocean.

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