MaRS client GreenMantra Recycling Technologies Ltd. closes angel financing
GreenMantra’s technology turns plastic bags and other types of plastics into high-quality waxes, lubricating oils and greases
Toronto, February 28, 2011 – MaRS Discovery District is pleased to announce that GreenMantra Recycling Technologies, one of its cleantech clients, has successfully closed a private placement with angel investors Chris Guillon and Brandon Moffatt. GreenMantra has developed a revolutionary proprietary technology that can turn many previously unrecyclable plastics into high quality waxes and base-oil products.
GreenMantra will use the net proceeds of the angel round to establish operation of its first pre-commercial recycling plant, as well as for working capital. With these and other successes in hand, GreenMantra is positioned to become a major player in Ontario and the North American wax market.
Both Guillon and Moffatt bring strong leadership and execution capability to the company. “I am proud to have these successful entrepreneurs by my side,” says Pushkar Kumar, GreenMantra’s Founder and CEO. “Chris Guillon was a Co-founder of the Ontario cleantech pioneer, StormFisher Biogas and Brandon Moffatt was its head of operations.”
StormFisher Biogas, a renewable energy company in the biogas sector, sealed a strategic partnership deal with Denham Capital Management to invest $350 million in biogas in 2008. The company was sold to a joint venture of GE and AES in early 2010 . Guillon and Moffatt subsequently negotiated the successful sale of a project developed by StormFisher to a Massachusetts based renewable energy company.
“Our advisors in the cleantech practice at MaRS have been incredibly helpful. They helped us prepare for a MaRS cleantech angel event and arranged for us to present to a delegation of journalists from India, giving us exposure to new audiences and potential investors that we might not have met otherwise,” says Kumar. “And as a tenant in the MaRS Incubator, GreenMantra has been able to connect with other cleantech companies and experience the benefits of working in a truly collaborative environment, with help and advice from MaRS an email, phone call or elevator-ride away.”
“GreenMantra is clearly a scalable model, with good margins, and has a sustainable technological advantage,” says Tom Rand, MaRS’ Lead Cleantech Advisor. “Pushkar was able to successfully make that case to active angel investors through the MaRS network.”
About GreenMantra Technology Ltd.:
GreenMantra Recycling Technologies Ltd. (www.greenmantra.ca) proprietary technology enables the cost effective production of commercial quality synthetic wax from plastic waste. The environmentally sustainable process produces a wide range of commercial quality waxes well suited for polishes, paints and inks, greases and rubber products such as tires. The company’s inexpensive, efficient and sustainable wax production process provides a cost advantage of up to 50 per cent over conventional wax manufacturing. For the past year and a half, GreenMantra has operated a plant in India with successful product sales and has proven the technical and financial feasibility in the Asian market. A developer has recognized the potential for GreenMantra’s process and has structured a royalty-based license to establish operations in Europe.
For more information, contact:
Pushkar Kumar, Founder & CEO
About MaRS Discovery District:
MaRS Discovery District (www.marsdd.com) is a large scale, mission driven innovation centre located in Toronto and networked across Ontario, focused on building Canada’s next generation of technology companies. MaRS works closely with entrepreneurs in life sciences and health care, information, communications and entertainment technologies, clean tech, advanced materials and engineering, as well as innovative social purpose businesses.
For more information, contact:
Vanessa Caldwell, MaRS Communications