The Brantford, Ont.-based firm is receiving a loan of over $10 million to finance equipment to increase its material processing capabilities.
Canada-based molecular recycling company GreenMantra Technologies is receiving a loan of more than $10 million from green investment firm Closed Loop Partners, to finance equipment to increase material processing at GreenMantra's existing facility in Brantford, Ontario.
Founded 15 years ago, Brantford-based GreenMantra has commercialized a scalable technology to utilize plastics that are typically hard to recycle. Using a patented process, the company creates specialty waxes and polymer additives from recycled polyethylene and polypropylene that can be used in everyday industries like roofing and road paving.
"This financing marks a significant acceleration in our work to scale solutions that help ensure hard-to-recycle materials do more for our planet," GreenMantra CEO Domenic Di Mondo said in a Sept. 17 statement. "With the support of Closed Loop Partners and other investors, we're now expanding commercial capacity for our products to meet growing demand."
In the statement, officials with New York City-based Closed Loop Partners said that GreenMantra "offers a depolymerization process that is more energy efficient" than other similar technologies, converting the waste plastics into specialty performance additives. "Using a patented process, the company molecularly modifies plastic waste into new, high-quality materials that can be used in everyday industries...to drive greater value and sustainability in the finished product," they said.
Closed Loop Partners is an investment firm that raises money that is then used for loans to firms working to promote a circular economy. In the Sept. 17 statement, Closed Loop Partners noted that this round of financing for GreenMantra "takes place amidst growing supply chain volatilities and an increasingly urgent need to secure additional sources of valuable materials that do not rely on resource extraction or landfills." The capital is deployed from the Closed Loop Infrastructure Group's Circular Plastics investment strategy, backed by Dow, LyondellBasell, Nova Chemicals, SEE, SK geo centric Co., Chevron Phillips Chemical, Charter Next Generation, and Sumitomo Mitsui Banking Corp.