Revolutionizing Polystyrene Recycling: Polystyvert Raises $16 Million in First Tranche of Series B Funding

Polystyvert, a Montral-based cleantech startup, has raised $16 million CAD in the first closing of its Series B round. The all-equity round’s initial close was led by Dutch venture capital (“VC”) firm Infinity Recycling, along with other cleantech VCs, including French firm SWEN Blue Ocean and return investor Earth Foundry, which is based in Chicago.

This investment will be used to construct the company’s first commercial polystyrene solvent-based recycling plant in Montral. The Series B fundraising and this plant are integral for the industrial-scale commercialization of Polystvert’s unique technology, which has already been proven at the pilot and demonstration unit scale. Additionally, part of this funding will be dedicated to expanding Polystyvert’s intellectual property portfolio, which currently includes more than forty patents with worldwide coverage.

Nathalie Morin, President and CEO of Polystyvert, provided the following statement:

Founded in 2011, Polystyvert has created a unique process for the dissolution-based recycling of styrene plastics, more commonly known as polystyrene, which is used in items such as styrofoam, packing peanuts and disposable containers. The company is able to recycle and purify the plastic waste that is typically considered non-recyclable due to high contamination, and convert it into raw material that can replace virgin plastics. 

Other investors will participate in a second tranche of the Series B round to bring the total up to $30 million, which the company expects to close within the next three months. The company projects its first commercial recycling plant to be operational in 2026.