Greenmantra Recycling Technologies Ltd., a Brantford, Ontario, Canada-based company that utilizes a patented process to transform plastics into high-value specialty chemicals such as waxes, greases and lubricants, completed an over $17m financing.
The financing included:
– equity capital from Cycle Capital, a Quebec-based venture fund; ArcTern Ventures, an early-stage investment fund developed through a partnership with MaRS; and several independent investors,
– debt finance from Comerica Bank and Export Development Canada, and
– financial support from the Ontario Ministry of Research and Innovation and Sustainable Development Technology Canada.
The company intends to use the funds to expand production capabilities including opening a wax production facility in Quebec.
Founded in 2010 and led by Tim Haig, President and CEO, GreenMantra currently sells wax produced with its technology to a variety of market segments including colour masterbatch, roofing shingles, rubber, coatings and road asphalt modifiers.