Using $1.8 million in FedDev Ontario funding, private investment, company will create new 25 jobs
BRANTFORD, Ont.—A Canadian cleantech company is scaling up and working to boost efficiency at its Brantford, Ont. plant with the help of $600,000 in funding from FedDev Ontario.
GreenMantra Recycling Technologies Ltd., which makes a range of wax products from recycled plastics, is launching an expansion project to automate a larger portion of its operations and increase production of its Ceranovus A-Series waxes.
“[FedDev Ontario,] along with our other investors, are helping us to continue our rapid growth in producing high quality specialty chemical products from hard-to-recycle plastic feedstocks,” Kousay Said, the company’s president and CEO, said.
GreenMantra’s wax manufacturing process emits approximately 50 per cent less greenhouse gas than traditional fossil fuel-based production while increasing the demand for recycled plastics.
The company’s expansion project, which includes the implementation of a resource planning system, will create 25 new jobs.
The federal funding is expected to spur a further $1.2 million investment in GreenMantra from Angel Investors led by Arctern Ventures and Cycle Capital.