GreenMantra Technologies, a Brantford, Ontario, Canada-based clean technology company that produces high-value polymer products from waste plastics, is to receive up to $3m in funding.
The Closed Loop Fund will make the investment joining existing investors ArcTern Ventures and Cycle Capital Management.
The company will use the funds to expand the capacity of its manufacturing operations in Brantford, Ontario.
Led by Kousay Said, president and chief executive officer, GreenMantra Technologies operates a plant that converts post consumer and industrial waste plastics, including hard to recycle films and bags, into high-value waxes. These polyethylene and polypropylene waxes, marketed under the CeranovusTM brand, are used in various industrial applications including asphalt paving and roofing, plastics processing, adhesives and coatings.
The expansion of the plant – anticipated to begin later this year with start-up of the new capacity slated for Q3 2018 – will increase the plant’s annual capacity of 5,000 metric tons by an additional 2,500 metric tons per year.