Polystyvert closes financing round of over $16M for polystyrene recycling solution

Polystyvert demo plant. (CNW Group/Polystyvert Inc.)

MONTRÉAL — Polystyvert, company specializing in recycling technologies and the circular economy of styrenic plastics (polystyrene and ABS), announces the closing of a first tranche of a Series B funding for over $16 million. This investment represents a step for the company towards the construction of its very first commercial plant in Québec, dedicated to recycling highly contaminated polystyrene waste. With funding from European and North American investors, Polystyvert will try to push the field of styrenic plastics circularity forward, thanks to its patented dissolution and purification technology. Other investors will participate in the second tranche of this financing to enable the Series B round to raise up to $30M.

“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. All the conditions for success are thus met to move forward with the next steps towards our first commercial plant in Montréal. This is a key step in the promotion of our technology, which will allow us to achieve our ambitious goals in order to break into strategic global markets and position ourselves as a key player in the circularity of styrenic plastics in collaboration with the industrial leaders of this value chain,” said Ms. Nathalie Morin, President and CEO of Polystyvert.

Polystyvert says they are grateful to the investors in the Series B round who are supporting the company in a new era in the circularity of highly contaminated styrenic plastics. Infinity Recycling led the 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,” declared 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. This technology will create new markets for styrenic polymer wastes and help divert them from nature and landfill,” declared Olivier Raybaud, Managing Director at SWEN Blue Ocean.

Polystyvert says they collaborate with international industry leaders who aim to achieve zero plastic waste goals, in line with UN negotiations and government environmental policies. Furthermore, the technology reportedly addresses the challenges of plastic waste purification through processes that remove all contaminants found in plastic compounds, allowing safe recycled content to be used in the same applications as virgin resin.

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 $30M. Polystyvert’s first commercial recycling plant, to be located in Montreal (Canada), is expected to be operational in 2026.