Series B and first commercial plant - Polystyvert's Presence in Europe to Accelerate its Growth Strategy
MONTREAL, Nov. 4, 2024 /PRNewswire/ -- Nathalie Morin, President and CEO of Polystyvert, begins a series of strategic meetings in Europe, with partners and investors, to accelerate the company's growth strategy, which specializes in dissolution recycling and the circular economy of styrene plastics.
These meetings aim to familiarize value chain partners with the innovative recycling approach of dissolution, integrating purified and safe recycled resin into manufacturing production. Sectors such as the automotive, electronics, packaging, pharmaceutical and toy manufacturing industries can thus reduce their environmental footprint. Polystyvert's dissolution recycling technology is particularly well suited to styrene plastics, such as polystyrene and ABS, which are often difficult to recycle due to contaminants. Polystyvert's technology has also been recognized by the Basel Convention for its ability to eliminate flame retardants in plastic waste.
In addition, meetings with investors will showcase investment opportunities in the first commercial plant in Montreal, Quebec, capable of processing 11,000 tonnes of polystyrene waste per year. A consortium has been formed to optimize the management of polystyrene waste across the logistics chain, from collection to recycling, helping to reduce waste sent to landfills and incineration.
"Polystyvert is in an active commercialization phase. Our dissolution technology is the most advanced on the market. There are great opportunities for partners who want to be sustainability leaders in their industry, or investors looking for mature solutions. We have a portfolio of patented applications in the innovative recycling of plastic waste, ready for deployment today, and with strong short-term growth potential."
- Nathalie Morin, President and CEO, Polystyvert
Achievement of a major milestone with recycling of ABS resin to industry specifications
Also, the pilot project for recycling ABS through dissolution, a thermoformed plastic used notably in the automotive, electronics and toy industries, has already reached an important milestone by demonstrating that Polystyvert's technology can produce a recycled resin that meets the specifications of these industries and has successfully passed analyses by an internationally renowned ABS producer.
"After only nine months in operation, this pilot has demonstrated that our expertise in dissolution recycling, acquired over a decade with polystyrene waste, can be rapidly applied to other plastics, thanks to the know-how of our teams," added Ms. Morin.
Major challenges despite technological success
Although Polystyvert's technology is the most advanced on the market and ready for commercialization, a number of major challenges remain. The coming months will be crucial in consolidating the company's leadership position.
"The economic climate is a challenge for all cleantech companies. A first commercial plant is a must to demonstrate the technology at scale. It's our springboard toward selling licenses abroad. That's why we're sending a message today to the governments of Quebec and Canada that they must continue to support us in this final step, so that we can keep ownership of the company in Quebec and Canada, and become an innovative technological champion in the fight against plastic waste and the decarbonization of industry," insists Ms. Morin.
Numerous projects ahead
In the coming weeks, Polystyvert will be presenting its dissolution technology at four prestigious conferences in Europe and the United States. Also, a rebranding exercise is underway to support the wider application of this technology to other plastics and strengthen its market positioning. In addition, faced with growing demand for certified food-grade recycled plastics, Polystyvert is taking steps to obtain a letter of no objection from the FDA, which will allow recycled materials to be integrated into the food packaging chain.
About Polystyvert
Founded in 2011, Polystyvert is a Montreal-based clean technology company that is revolutionizing plastic recycling by establishing a circular economy. Through its unique dissolution and purification recycling process, conducted at low temperature and low pressure, Polystyvert can recycle and purify plastic waste that is typically considered non-recyclable due to high contamination levels. The result is a recycled raw material of unmatched purity that can replace unprocessed plastics while economically reducing GHG emissions by up to 90%, meeting the needs of various sectors.
Polystyvert offers the shortest recycling loop for polystyrene and ABS, serving industries such as packaging, construction, electronics, automotive and toys. The technology is protected by over 40 patents in 17 countries.
Contact : Lysa-Marie Rochon, Consultant, Exponentiel, lmrochon@exponentiel.ca, +1 (514) 910-3664
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