Bioindustrial Innovation Canada invests in GreenMantra Technologies
Bioindustrial Innovation Canada (BIC) has announced that it has made an investment in GreenMantra Technologies (GMT), a Canada-based company that has made "significant progress" in up-cycling waste plastics, building a substantial ‘clean-tech’ enterprise by producing high-value applications for their regional customers. BIC is co-investing in GreenMantra Technologies with Cycle Capital Management and ArcTern Ventures, with whom BIC recently entered into Memoranda of Understanding.
According to BIC, a not-for-profit organization based in Sarnia, Ontario, with a goal to support Ontario and Canada becoming globally-recognized leaders in the field of sustainable technologies, GMT has systematically increased its portfolio over time by continually adjusting their patented thermo-catalytic depolymerization process, allowing the company to effectively tailor applications to their customers using waste polyethylene (PE), polypropylene (PP), and polystyrene (PS).
GMT’s process has already been proven on a commercial scale, as the company has healthy sales volumes and positive customer reviews attesting to the superior quality of the various products, which GMT’s wax additives are utilized in.
Green Mantra’s technology for plastics recycling represents a significant breakthrough on several fronts. First, the ability to depolymerize waste ethylene-based polymers in a controlled manner to directly yield value-added products –something never achieved before. Second, the potential to extend their technology to styrene-based waste polymers and in particular expanded versions –another first. Bioindustrial Innovation Canada is pleased to fund this innovative endeavour, said Paul Clark, retired Nova Chemicals Vice President, Research & Technology.
To qualify for BIC investment, GMT completed a process under BIC’s initiative program, The Centre for Commercialization of Sustainable Chemistry Innovation (COMM SCI), which acts as a hub for the commercialization of sustainable chemistry and bio-based innovation.
We’re gratified and excited that BIC has chosen to invest in GMT’s technology and people. Our mission is to provide customers with high-value products that simultaneously advance a more circular economy for plastics where they are beneficially reused rather than ending up in our oceans and landfills. Having BIC as a partner in this project is a major milestone for us, said Jodie Morgan, Chief Executive Officer of GreenMantra.