Polystyvert Inc, an Anjou, Québec-based polystyrene recycling company, has secured a $4.9 million round of financing. The investors included members of Anges Québec, Anges Québec Capital Fund, Cycle Capital Management, BDC Capital and Sustainable Development Technology Canada. Founded in 2011, Polystyvert has developed technology to recycle polystyrene, a.k.a. Styrofoam, and reduce is transportation costs. The company said it plans to use the funds raised to scale-up equipment and facilities to meet demand. A new Polystyvert plant is slated to open in the fall of 2016.
Polystyvert announces $4.9 million in new financing
Anges Québec members, Cycle Capital, and other private- and public-sector investors back the polystyrene recycling pioneer
MONTREAL, July 7, 2016 /CNW Telbec/ – Polystyvert, an innovative polystyrene recycling company, is pleased to announce that it has closed a $4.9 million round of financing with a consortium of private-and public-sector investors, including Anges Québec members, Anges Québec Capital, Cycle Capital Management, BDC Capital and Sustainable Development Technology Canada.
This financing will give Polystyvert the means to carry out the most significant expansion since its inception in 2011, scaling up equipment and facilities to meet ever-growing demand. In Greater Montreal, dozens of business already use Polystyvert’s services. The new expansion reflects the company’s deep-seated commitment to cutting GHG emissions and reducing the amount of polystyrene that ends up in landfills.
This first collaboration between Anges Québec and Polystyvert is among the largest financing packages in Anges Québec history. On June 16 Polystyvert’s excellence was recognized with the Investment of the Year award at the 2016 Anges Québec awards gala. This deal is also the first time Anges Québec has teamed up with Cycle Capital, Canada’s largest venture capital platform for cleantech.
Another factor that fast-tracked Polystyvert’s growth was its participation in the fall 2015 cohort of Cycle Capital’s Ecofuel Accelerator, a specialized, customized program for cleantech startups.
At Anges Québec, Marianne Lépinoit and Serge Lavergne, two experienced entrepreneurs and angel investors, mentored the Polystyvert team throughout this new chapter in their capacity as “head angels.” Concretely, Ms. Lépinoit and Mr. Lavergne worked closely with Polystyvert’s team to develop a financing strategy tailored to the company’s needs and market conditions. They will also continue to support the entrepreneurs throughout the company’s development.
A revolutionary polystyrene recycling technology
Polystyvert’s technology equips business to do their part for the environment while recycling polystyrene in an economically viable manner. Polystyrene (better known under the trade name Styrofoam), has long been very difficult to reuse. In polystyrene-intensive sectors such as furniture and appliance retailers, the pharmaceutical industry, and the fish business, dealing with polystyrene is a complicated and very costly problem. Polystyvert’s solution is a collection and recycling service that lets users dispose of polystyrene in a concentrator, a large container inside their premises where polystyrene is immersed in essential oil and dissolved. The next step, made possible by Polystyvert’s groundbreaking technology, separates the essential oil and the primary material (polystyrene).
Thanks to Polystyvert’s state-of-the-art process, the recycled material can be reused to produce a wide range of products including food product trays, commercial packaging, wall insulation, and more. The general public can also recycle their Styrofoam at Polystyvert facilities by using drop-off points at the Granby or Waterloo municipal recycling centres.
“With this financing, not only can we begin acquiring the equipment we need to grow, but it also takes us one step closer to our ultimate goal of making polystyrene recycling accessible all across Quebec, Canada, and eventually the world. The Montreal plant will be the first facility built around our innovative recycling process. It’s the first plant of its kind in the whole world!”
– Solenne Brouard Gaillot, President, Polystyvert
“The green technology developed by Polystyvert is simple, exportable, and effective in meeting a range of different needs. It’s a groundbreaking solution that significantly reduces the economic and financial impacts of polystyrene. Solenne is a visionary entrepreneur with the foresight to put together a strong team of strategic partners and the open mind needed to get a project like this off the ground.”
– Marianne Lépinoit, Member, Anges Québec; Founding Partner, HexaB Consulting
“Polystyvert has developed an innovative technology that provides a sustainable, economically viable solution for polystyrene recycling that also significantly cuts GHG emissions. We’re proud to see a company that benefited from the customized support at our Ecofuel Accelerator and gained so much from the Cycle Capital environment continue to successfully negotiate its path forward.”
– Andrée-Lise Méthot, Founder and Managing Partner, Cycle Capital Management
“We are encouraged to see this further investment into the demonstration of Polystyvert’s polystyrene recycling technology. SDTC has been proud to partner with them, and we are encouraged by this increased support for this important technological advancement in the recycling sector.”
– Leah Lawrence, President and CEO of SDTC
“I was immediately impressed by Solenne’s energy and drive. The company, the team, and the technology they developed clearly show they have what it takes to succeed, along with the core values of making a positive difference in society.”
– Serge Laverge, Member, Anges Québec
Polystyvert in an innovative company that recycles polystyrene, better known under the trade name Styrofoam. The Quebec startup has developed a groundbreaking process that reduces polystyrene volume by 94% and produces recycled polystyrene as good as new product. The young company has raised $4.9 million in financing to build a new, larger plant slated to open in the fall 2016.
About Anges Québec
Anges Québec is a network of 180 private investors that finds, finances, and coaches innovative Quebec companies with high growth potential. In this capacity, Anges Québec works with a number of key Quebec organizations interested in the development and growth of technological innovations. So far, Anges Québec members have invested and reinvested in more than 100 promising business in the seed and startup phases.
For more information about the Anges Québec network, go to www.angesquebec.com. Join our LinkedIn.com group for news and information about Anges Québec activities. Une version française est disponible en ligne au www.angesquebec.com/fr/nouvelles.
About Cycle Capital Management
A pioneer among Canadian venture capital funds focused on the clean-tech sector, Cycle Capital invests in companies developing and commercializing clean technologies and striving to reduce greenhouse gas emissions, optimizing resource use, and improving process efficiency throughout a product’s life cycle.
With assets under management of $230 million, Cycle Capital, invests in Quebec and North America. Cycle Capital, based in Montreal with an office in Toronto and presence in New York and Seattle, regroups seasoned investment professionals, strategic advisors and industrial partners with in-depth knowledge of the sector. Cycle Capital has a special relationship with its strategic partners, notably Brookfield Renewable Energy, Rio Tinto Alcan, Cascades, Group M3, Lonza, Gaz Métro, Systemex Énergies, Aluminerie Alouette, and Hydro-Québec. For more information on Cycle Capital visit: www.cyclecapital.com.
About Sustainable Development Technology Canada
Sustainable Development Technology Canada (SDTC) acts as a primary catalyst in building a sustainable development technology industry in Canada, funding and supporting Canadian clean technology projects across a number of sectors. SDTC invests in Canadian companies that through their innovative technologies bring positive contributions to Canada: creating quality jobs, driving economic growth, and preserving our environment. SDTC is a foundation funded by the Government of Canada. For more information, please visit sdtc.ca
For further information: and interviews: Marco Parent, TACT Intelligence-conseil, 514-349-7778, [email protected]; Mathieu Lavallée, Head of Communications and Public Relations, Cycle Capital, [email protected], +1-514-947-7628
Photo courtesy of Polystyvert Inc