This investment marks the first step towards bringing this unique modular technology to market
Pyrowave closes Series B led by Michelin and Sofinnova Partners (Credit: CNW Group/Pyrowave)
Pyrowave, a company that developed a world leading technology allowing infinite recycling of plastics, announced today the closing of a series B investment. This investment marks the first step towards bringing this unique modular technology to market and providing a scalable, viable and sustainable solution in the fight against plastic waste.
The round led by Michelin, a world leader in sustainable mobility and advanced materials, and Sofinnova Partners, a leading European life sciences venture capital firm based in Paris, London and Milan, investing in sustainable chemistry and biotechnology, also includes Ecofuel, a Quebec-based early stage cleantech venture capital fund. Early stage financial partners have also renewed their confidence by reinvesting in the company.
« This investment is a concrete illustration of our venture capital strategy which aims to support the most innovative companies, with a strong growth potential, and focusing on the relevant domains for our businesses. Alongside our current portfolio and our outstanding R&D, this investment strengthens the Michelin’s position as a referent in the field of high technology sustainable materials”, says Matthieu van der Elst from Michelin Ventures.
After more than one year of technological review, the Pyrowave technology demonstrated its ability to produce recycled styrene monomer from plastic waste to be later integrated in the production of synthetic rubber, a major component found in tires. Michelin has assessed Pyrowave technology and has decided to support it.
Pyrowave’s technology disrupts plastic recycling using a proprietary modular microwave-based technology. “With traditional recycling technologies, the market applications of recycled plastics are very limited because of contamination or plastic degradation during the process which reduces its quality and potential for applications. New recycling technologies like Pyrowave’s decompose the complex chemical structure of plastics back into a simpler form that can be used to make virgin plastics and other products in multiple applications,” said Jocelyn Doucet, Chief Executive Officer of Pyrowave. “This investment marks a turning point in the circular economy of plastics and the support from Michelin sends the signal that the market is ready to implement these solutions.”
“Pyrowave’s unique, game-changing technology brings an immediate answer to plastic waste with a solid, scalable solution,” said Joško Bobanović, Partner at Sofinnova Partners. “This investment is aligned with Sofinnova Partners’ support for exceptional entrepreneurs delivering sustainable solutions to solve an immediate societal, ecological and business challenge.”
“Pyrowave’ investment by the Ecofuel Fund is not just about the technology. This company combined major partners, focused entrepreneurs, targeted markets and direct environmental impacts,” said Richard Cloutier, Managing Partner at Ecofuel Fund.
Source: Company Press Release