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Polystyvert secures $16m in series B round

The Canada-based startup specialises in recycling technologies and the circular economy of styrenic plastics has closed the first tranche of a $16m series B round.

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.

This investment represents another step for the company towards the construction of its very first commercial plant in Québec, dedicated to recycling highly contaminated polystyrene waste. The plant is expected to be operational in 2026.  

Polystyvert hopes to raised $30m in the second tranche of the series B round, which is expected to close in the next three months. 

"This announcement, in the current economical context, reflects the unwavering support of our investors in our team and our proven technology, which 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," said Ms. Nathalie Morin, President and CEO of Polystyvert.

Part of this funding will also be dedicated to further diversify Polystyvert's intellectual property (IP) portfolio, which already includes over forty patents with worldwide coverage.

Polystyvert collaborates with corporations that aim to achieve zero plastic waste goals, in line with UN negotiations and government environmental policies. The startups technology 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.