Pyrowave closes second investment round for plastic waste tech
A modular microwave-based platform decomposes the complex chemical structure of plastics back into a simpler form for infinite use
MONTREAL — A cleantech firm in Montreal with a technology that makes plastic infinitely recyclable has wrapped up a second round of investment.
Pyrowave said the investment marks the first step towards bringing its modular technology to market and provide a scalable, viable and sustainable way to recycle plastic waste.
The round led by France-based tire maker Michelin and Sofinnova Partners, a European life sciences venture capital firm based in Paris, London and Milan, includes Ecofuel, a Quebec-based early stage cleantech venture capital fund.
After more than one year of technological review, Pyrowave demonstrated its technology’s ability to produce recycled styrene monomer from plastic waste for integration in the production of synthetic rubber, a major component found in tires.
Pyrowave’s patented catalytic depolymerization platform uses a modular microwave-based technology that decomposes 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.
“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,” said Jocelyn Doucet, CEO of the company, in a statement.