Bioindustrial Innovation Canada invests CA$1m in GreenMantra Technologies
In Sarnia, Ontario (ON), Bioindustrial Innovation Canada (BIC) has announced that it has made a CA$1 million investment in GreenMantra Technologies Ltd (GMT), a Canada-based company that has made "significant progress" in up-cycling waste plastics.
Bioindustrial Innovation Canada (BIC) is a nationally focused not-for-profit business accelerator that provides critical strategic investment, advice, and services to business developers of clean, green, and sustainable technologies.
In 2015, BIC established the Centre for Commercialization of Sustainable Chemistry Innovation (COMM SCI) initiative, which acts as a hub for the commercialization of sustainable chemistry and bio-based innovation.
GreenMantra Technologies is an excellent example of how advanced technology can establish a cornerstone of the circular economy and help reduce Canada’s carbon footprint. We are pleased to be a part of GreenMantra’s efforts, said Wayne Maddever, BIC’s Portfolio Manager.
With support from the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), BIC has continued its mission to support business developers with clean, green, and sustainable technologies as part of Canada’s ongoing carbon reduction efforts.
Our Government supports BIC’s ongoing work to empower companies with environmentally-friendly solutions for a variety of industries. We are proud to support BIC’s important role in giving companies like GreenMantra the boost they need to scale up. With this support, the innovative recycling company will continue to make our communities cleaner, greener and healthier, said Mélanie Joly, Minister of Economic Development and Official Languages.
As part of this initiative, BIC has continued its work to assist GreenMantra with the company’s growth plans with a CA$1-million contribution, which represents the first of BIC’s new scaling investments with support from FedDev Ontario.
Along with this investment, BIC has an ongoing project with GreenMantra to continue a path of continuous improvement and optimization of operations. BIC personnel with extensive chemical processing experience are working in close collaboration with the GreenMantra production team on this project.
GreenMantra is pleased to receive this new contribution from BIC, which will enable us to continue our trajectory of rapid growth in our operations and commercial footprint. GreenMantra is making a significant impact on the diversion of discarded plastics from landfills as we transform these plastic streams into specialty waxes. BIC has been a key partner along our journey and we are grateful for their confidence and investment in our technology and people, said Jodie Morgan, CEO of GreenMantra.