Polystyvert secures $16M for polystyrene recycling

Polystyvert Inc., a Montreal-based polystyrene (PS) and acrylonitrile butadiene styrene (ABS) recycler, has closed a first tranche of Series B funding for more than $16 million, representing what the company says is another step toward the construction of its first commercial plant in Quebec dedicated to recycling highly contaminated PS scrap.

With funding from European and North American investors, Polystyvert says it will further solidify its position as a “leader in the field of styrenic plastics circularity,” 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 $30 million.

The company says the Series B fundraising arrives at a strategic moment, laying the groundwork for the industrial-scale commercialization of its technology, which already has been proven at the pilot and demonstration unit scale.

Additionally, the company plans to use part of the funding to further diversify its intellectual property portfolio, which includes more than 40 patents with worldwide coverage.

“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,” Polystyvert President and CEO Nathalie Morin says.

“All the conditions for success are thus met to move forward with the next steps towards our first commercial plant in Montreal. 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.”

The Series B fundraising round was led by Infinity Recycling BV, followed by SWEN Blue Ocean Partners and Earth Foundry, an existing shareholder based in Chicago.

“Polystyvert’s game-changing recycling process upcycles contaminated plastic waste into premium materials,” says Jan-Willem Muller, managing partner at Netherlands-based Infinity Recycling. “This commitment to scaling advanced recycling technologies is crucial in tackling the plastic waste crisis and fostering sustainable circular market growth.”

Olivier Raybaud, managing director at Paris-based SWEN Blue Ocean, says Polystyvert has developed a unique technology that combines the best of mechanical and chemical recycling with low costs, small-scale units, the ability to treat contaminated feedstock and create virgin-quality end products.

“This technology will create new markets for styrenic polymer wastes and help divert them from nature and landfill,” he adds.

Polystyvert says it collaborates with international industry leaders who aim to achieve zero plastic waste goals, in line with United Nations negotiations and government environmental policies. Also, it says its technology directly addresses the challenges of plastic scrap 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 the company expects to close within the next three months. Its first commercial recycling plant is expected to be operational in 2026.