Plastic recycling technology provider Pyrowave has closed a series B financing round, which was led by sustainable mobility and advanced materials leader Michelin and life sciences venture capital firm Sofinnova Partners.
The latest financing round also includes Quebec-based early stage cleantech venture capital fund, Ecofuel, while early stage financial partners reinvested in the company.
The investment will be used for advancing its plastic waste technology.
Pyrowave chief executive officer Jocelyn Doucet said: “With traditional recycling technologies, the market applications of recycled plastics are very limited because of contamination or plastic degradation during the process which reduces its quality and potential for applications.
“New recycling technologies like Pyrowave’s decompose the complex chemical structure of plastics back into a simpler form that can be used to make virgin plastics and other products in multiple applications. 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.”
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Pyrowave uses a proprietary modular microwave-based technology to be able to make recycled styrene monomer from plastic waste.
The technology was under technological review for more than one year and was evaluated by Michelin.
Sofinnova Partners partner Joško Bobanović said: “Pyrowave’s unique, game-changing technology brings an immediate answer to plastic waste with a solid, scalable solution.”