Polystyvert, a leading player in recycling technologies, has announced the successful completion of the first tranche of its Series B funding, securing over $16 million. This funding marks a significant milestone for the company as it progresses towards constructing its inaugural commercial plant in Québec. The facility will specialize in recycling highly contaminated polystyrene waste, supported by investments from both European and North American backers.

Polystyvert aims to reinforce its leadership in styrenic plastics circularity with its proprietary dissolution and purification technology. Additional investors are expected to join in the second tranche of financing, aiming to raise the total Series B round up to $30 million.

The Series B fundraising for Polystyvert arrives at a pivotal juncture, aligning with a global shift towards stricter environmental regulations and heightened demand for sustainable plastic recycling solutions. This funding is strategically timed to facilitate the industrial-scale deployment of Polystyvert's technology, which has already demonstrated success at pilot and demonstration unit scales. With environmental concerns driving policy changes worldwide, Polystyvert is poised to capitalize on the growing market opportunity by advancing its innovative approach to styrenic plastics recycling.

Ms. Nathalie Morin, President and CEO of Polystyvert, emphasized the significance of their recent announcement amid the current economic landscape. She highlighted the steadfast backing of their investors in their team and proven technology, which not only proves economically viable but also establishes the shortest recycling loop for such waste, significantly reducing its environmental impact. Morin underscored that all prerequisites for success are now in place to advance towards establishing their first commercial plant in Montréal. She articulated that this milestone will propel their technology forward, enabling them to achieve ambitious objectives and establish a pivotal role in promoting circularity within the styrenic plastics industry alongside key industrial partners.

Remaining committed to its identity as a technological innovator, a portion of this funding will be allocated to expanding Polystyvert's intellectual property (IP) portfolio. Currently boasting over forty patents with global coverage, Polystyvert aims to enhance its IP assets further. This strategic initiative not only safeguards its existing innovations but also fosters ongoing research and development, reinforcing the company's position as a leader in advancing recycling technologies for styrenic plastics.

Jan-Willem Muller, Managing Partner at Infinity Recycling, emphasized Polystyvert's innovative recycling process, which transforms contaminated plastic waste into high-quality materials. He stressed the importance of scaling such advanced recycling technologies to address the global plastic waste crisis and support sustainable circular market growth.

Olivier Raybaud, Managing Director at SWEN Blue Ocean, highlighted Polystyvert's unique approach to recycling styrenic polymers. Combining mechanical and chemical recycling methods, the technology offers cost-effectiveness, operates on a small scale, processes contaminated feedstock, and produces virgin-quality end products. Raybaud noted the potential of this technology to open new markets for styrenic polymer waste and significantly reduce its impact on the environment by diverting it from nature and landfills.

Polystyvert expressed gratitude to the investors of the Series B round, who are championing the company into a new era of circularity for highly contaminated styrenic plastics. Infinity Recycling spearheaded the round, with significant participation from SWEN Blue Ocean and Earth Foundry, an existing shareholder.

Polystyvert is a pivotal contributor to the circular economy of styrenic plastics, forging partnerships with global industry leaders committed to achieving zero plastic waste objectives, aligning with UN agreements and governmental environmental policies. Its technology directly tackles the purification challenges of plastic waste, effectively eliminating contaminants from plastic compounds. This process ensures that recycled content meets stringent safety standards, enabling its use in applications traditionally reliant on virgin resin, thereby promoting sustainable and eco-friendly practices across various sectors.

Following the successful closure of the first tranche of funding, the Series B round for Polystyvert will continue with a second tranche expected to conclude within the next three months, aiming to reach a total of up to $30 million. This funding will support the establishment of Polystyvert's inaugural commercial recycling plant in Montreal, Canada, slated to commence operations by 2026. This strategic initiative underscores Polystyvert's commitment to advancing sustainable solutions in plastic recycling on an industrial scale.