Pyrowave closes Series B led by way of Michelin and Sofinnova Partners. Credit: CNW Group/Pyrowave.
Plastic recycling era provider Pyrowave has closed a series B financing around, which become led through sustainable mobility and advanced components leader Michelin and existence sciences assignment capital company Sofinnova Partners.
The latest financing round also includes Quebec-based early degree cleantech venture capital fund, Ecofuel, at the same time as early stage financial partners reinvested in the company.
The investment will be used for advancing its plastic waste era.
Pyrowave chief executive officer Jocelyn Doucet said: “With traditional recycling technologies, the industry programs of recycled plastics are very limited because of infection or plastic degradation right through the system which reduces its nice and expertise for programs.
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“New recycling technology like Pyrowave’s decompose the complex chemical architecture of plastics back into a easier sort that can be used to make virgin plastics and other products in distinctive programs.
This investment marks a turning point in the circular economy of plastics and the support from Michelin sends the sign that the industry is competent to implement these solutions.”
Pyrowave uses a proprietary modular microwave-based technology to be ready to make recycled styrene monomer from plastic waste.
The technology changed into under technological review for more than one year and was evaluated by means of Michelin.
Sofinnova Partners partner Joško Bobanović said: “Pyrowave’s unique, game-changing era brings an immediate answer to plastic waste with a solid, scalable solution.”