Montreal, July 8, 2024 /PRNewswire/ — Polystyvert, an innovative company specializing in recycling technologies and the circular economy for styrene plastics (polystyrene and ABS), announced the closing of its first Series B financing of over $16 million. This investment represents another step forward for the company toward building its first commercial facility in Quebec dedicated to recycling highly contaminated polystyrene waste. With funding from investors in Europe and North America, Polystyvert will strengthen its position as a leader in styrene recycling with its patented melting and purification technology. Additional investors will participate in the second tranche of this financing, bringing the size of the second round to $30 million.
A decisive step for the future of Polystivert
Given increasingly stringent environmental regulations around the world and the growing demand for sustainable plastic recycling solutions, this Series B funding comes at a strategic time for Polystyvert. It lays the foundation for the industrial commercialization of its technology, which has already proven itself on a pilot and demonstration scale.
“In the current economic climate, this announcement reflects the unwavering support of investors for our team and our proven technology, which is not only economically viable, but also represents the shortest recycling cycle for this type of waste, significantly reducing its environmental impact. This means that all the success requirements have been met to take the next steps towards our first commercial facility in Montreal. “This is an important step in the development of our technology, which will allow us to achieve our ambitious goals of penetrating strategic global markets in collaboration with leaders in this value chain and positioning ourselves as a key player in the styrene circular economy sector.”, such Natalie MorinPresident and CEO From Polystifert.
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