Polystyvert, a Montréal, Canada-based clean technology startup, raised C$11m in funding.
Backers included Quadriam Investments, Energy Foundry, Transition énergétique Québec, Anges Québec, Anges Québec Capital and Cycle Capital Management.
The company, which has also received funding and support from Sustainable Development Technology Canada (SDTC), intends to use the funds to advance its novel dissolution-based recycling technology for polystyrene.
This financing round comes shortly after the announcement of a collaboration agreement between Polystyvert and the Polymers Business unit of Total S.A. (NYSE: TOT) to accelerate the commercialization of the company’s technology.
Led by Solenne Brouard Gaillot, Founder and CEO, Polystyvert is a clean technology startup that has developed an innovative, low-carbon-footprint process to recycle polystyrene based on a dissolution technology. Effective on all types of polystyrene, the company’s technology includes a purification process that removes all contaminants, with a decentralized model that reduces transportation costs. It addresses a major global environmental issue, since large quantities of post-consumer or post-industrial polystyrene waste are buried in landfills every year, while more and more new polystyrene is produced.