Montreal, Quebec – Canadian plastics recycling company Pyrowave has closed a series B investment led by French tire maker Michelin and European life sciences venture capital firm Sofinnova Partners.
Pyrowave has developed a microwave-based chemical recycling technology that can recover recycled styrene monomer from plastic waste, said the Montreal-based company 30 April.
The styrene monomer can later be integrated in the production of synthetic rubber.
The company did not give further details on the investment size, but said the move was “the first step” towards bringing the modular technology to market and scale-up.
“Our venture capital strategy aims to support the most innovative companies, with a strong growth potential, [while] focusing on the relevant domains for our businesses,” said Matthieu van der Elst from Michelin Ventures.
The move, he added, strengthens Michelin’s position as “a referent in the field of high technology sustainable materials.”
“This investment marks a turning point in the circular economy of plastics and the support from Michelin sends the signal that the market is ready to implement these solutions,” said Jocelyn Doucet, Pyrowave CEO.