admin As part of Quebec’s Green Economy Week, Pyrowave announced today that it has received an investment from the Fonds de solidarite FTQ (the “Fonds”). The new investment from the Fonds will support Pyrowave’s growth by extending the series B investment round previously closed in April 2020 and led by Michelin Ventures. Additional proceeds will be used to support the fast-growing demand for Pyrowave’s leading technology by companies willing to adopt solutions that will help them reach their sustainability goals.
Pioneering a Green Future through Tech
Founded in 2014, Pyrowave is the most advanced technology for recycling polystyrene waste into products that can replace virgin chemicals seamlessly. Pyrowave provides a unique technology to regenerate post-consumer plastics by breaking them down into intermediate products that are used to make plastics identical to virgin plastics, restoring their full value without loss of quality. Pyrowave’s patented microwave catalytic depolymerization technology provides a modular and scalable high-power microwave technology worldwide, now at the forefront of a new revolution designed to increase resource efficiency. Thanks to its innovative low-carbon technology, Pyrowave is paving the way to a true circular economy of plastics.
Joint Development Venture
Pyrowave and Michelin entered into a joint development agreement last November to join efforts in delivering the first industrial scale plant converting polystyrene waste into low carbon styrene monomer. This partnership will ensure that the Pyrowave technology matches the highest standards of quality and performance in the chemical industry with a view to a certification and commercial roll-out in international markets. Following the announcement of this partnership, many chemical companies approached Pyrowave to introduce low carbon styrene monomer in their products. The additional funding from the Fonds will ensure Pyrowave can satisfy the growing demand for its technology.
“This investment represents the intensity of the momentum around sustainability. It also shows that solid technologies with strong intellectual property have the potential to disrupt a century-old industry and provide benefits to the environment,” said Pyrowave CEO Jocelyn Doucet.
Sustainable Employment by Investing in New Tech
In addition to boosting Pyrowave’s global operations, the new funding from the Fonds de solidarité FTQ will boost the local economy in Quebec by creating jobs in the clean technology sector. “Sustainable development has been part of the mission, values and practices of the Fonds de solidarité FTQ since its creation 38 years ago,” reaffirmed Christian G. Brosseau, Vice-President for Investments, Strategic Capital, Energy and Environment at Fonds de solidarité FTQ. “This investment is a concrete illustration of our strategy which aims to support the most innovative companies, with a strong growth potential, and focusing on the environment.”
Magazine 
