GreenMantra Recycling Technologies announced today the completion of a series of financings in excess of $17 million. The financing included equity capital from Cycle Capital, Arctern Ventures and several independent investors. The company also received debt finance from Comerica Bank and Export Development Canada, and financial support from the Ontario Ministry of Research and Innovation and Sustainable Development Technology Canada. “Not only are we shifting the supply mix of the crude oil-dominated $10 billion wax industry, we’re also providing a new life for recyclable polyolefin plastics destined for landfill or for low-value applications,” said Tim Haig, president and CEO of GreenMantra, in the press release.
The production of plastics is energy intensive, using high quantities of fossil fuels. Based in Brantford, Ontario, the cleantech company uses a patented process to transform plastics into high-value refined products such as waxes, greases and lubricants. The company previously received seed funding from the MaRS Investment Accelerator Fund. To learn more about the company, read our MaRS blog featuring an interview with GreenMantra.