Polystyvert, a Montreal-based company that recycles polystyrene using dissolution technology, has secured over CAD 16 million (~USD 11.74 million) in the first tranche of its Series B funding round, which was led by Infinity Recycling and included Earth Foundry and SWEN Blue Ocean.

The full Series B round aims to raise up to CAD 30 million (~USD 21.99 million). The funds will be utilized to construct its first commercial plant in Québec, expected to be operational by 2026, and to expand the company's intellectual property portfolio.

The company's technology, secured by over 40 international patents, enables the recycling of heavily contaminated styrene plastics. Polystyvert's proprietary dissolution and purification processes also allow them to produce safe recycled content comparable to virgin resin, offering significant environmental benefits.

Analyst QuickTake: In June 2024 , the company announced its intentions to construct its first full-scale commercial USD 40 million plant to produce recycled polystyrene in Greater Montreal. The plant claims to be supported by two blue-chip partners and others. It expects to annually recycle 9,000 tons of highly contaminated post-consumer and post-industrial polystyrene waste, equivalent to 15% of the polystyrene buried in Quebec each year.