Toronto, ON – March 7, 2016
On Friday, Sustainable Development Technology Canada (“SDTC”) announced $1.032M of financial support for Pyrowave Inc.
In Q4 2015, the GreenSky Accelerator Fund led a $790,000 syndicated financing round. With the recent added support of SDTC, as well as from GreenCentre Canada and Total Petrochemicals & Refining USA, Inc., Pyrowave is extremely well positioned to execute on the commercialization of its technology.
“Sustainable Development Technology Canada is incredibly proud to support Pyrowave” said Leah Lawrence, SDTC’s CEO. “This commercial scale demonstration of the Pyrowave machines is the kind of technology that has the potential to generate jobs, growth and export opportunities, and to bring lasting economic, environmental and health benefits to Canadians and the world.”
Pyrowave’s patented technology uses microwave heating to perform fast de-polymerization of mixed plastics with small-scale on-site units. The equipment converts mixed plastics with or without food contamination into oil, waxes and monomers. The products are sold to chemical companies that re-use the monomers and waxes for FDA compliant applications and therefore closes the loop of polymers life cycle. “The Pyrowave technology is perceived as the first cost effective solution to address end of life of polymers, recovering the and reusing to make new polymers and packaging”, says Jocelyn Doucet, CEO of Pyrowave. “The support of SDTC is essential in completing our full scale demonstration and proving that our business model works.”
About Pyrowave
Only 8% of plastics generated today are recycled – yet the costs to haul, store, sort and process plastics are enormous. Using patented microwave pyrolysis technology, Pyrowave will place small, modular units directly onsite at recycling facilities and at producers of plastic waste. Pyrowave’s technology will enhance the rate and the range of recyclable materials, reduce logistics costs and produce higher value end products from waste plastics – products such as wax, oil and styrene monomer. Pyrowave will have a significant positive benefit environmentally and economically. Its technology will reduce waste landfilling, waste incineration and waste hauling via a net positive energy process. See www.pyrowave.com.
About GreenSky Capital
GreenSky Capital is a boutique corporate finance advisory firm based in Toronto, delivering customized financial solutions to small and medium sized technology firms. GreenSky mandates are long-term partnerships with high growth potential companies and dedicated entrepreneurs. GreenSky principals bring together a unique combination of experience in operations, law and finance. As an operator’s investment bank, GreenSky has the ability to bring extensive capital markets experience into a real-world context.
About SDTC
Sustainable Development Technology Canada (SDTC) acts as a primary catalyst in building a sustainable development technology industry in Canada, funding and supporting Canadian cleantech projects across a number of sectors. SDTC invests in Canadian companies that through their innovative technologies bring positive contributions to Canada: creating quality jobs, driving economic growth, and preserving our environment. SDTC is a foundation funded by the Government of Canada. For more information, please visit sdtc.ca.