The Government of Canada has announced it will invest C$3.5m ($2.7m) in Montréal-based cleantech company Polystyvert.
The investment was announced by Innovation, Science and Industry Minister François-Philippe Champagne and will be made through the government’s Sustainable Development Technology Canada (SDTC) vehicle.
Polystyvert will use the investment to expand its patented recycling technology, which aims to create a full circular economy for polystyrene materials that are rarely accepted in kerbside collection programmes.
The company’s technology recycles styrene plastics to produce recycled polystyrene resins for use in manufacturing new products, including food containers.
Minister Champagne said: “Now is the time for ambitious climate action. Cleantech innovation, entrepreneurship and commercialization are key to the vital shift to a healthier environment and a net-zero carbon economy.
“Today’s announcement will boost our leadership in climate and waste reduction technologies and help foster a truly Canadian success story.”
The investment is SDTC’s second investment in Polystyvert and is intended to help Canada meet its 2030 climate goals.
The company will use the investment to expedite its ideas and rapidly bring them to market.
Polystyvert founder Solenne Brouard said: “Since Polystyvert’s beginnings, the Government of Canada has been there to support the various stages of our technology’s development, from successful laboratory testing to the second-generation demonstration plant with a continuous process.
“The SDTC support announced today allows us to continue this collaboration and take the final steps towards the construction of our first full-scale commercial plant.
“This will allow Canada to develop a circular economy for polystyrene recycling while offering innovative solutions to meet its environmental protection and greenhouse gas reduction objectives.”
Canada has pledged to achieve net-zero greenhouse gas emissions by 2050.
Earlier this year, the government promised financial support for the development of solutions to reduce plastic waste through its Innovative Solutions Canada programme.