Montréal, QC – May 6, 2016
The Minister of Energy and Natural Resources and Minister responsible of the “Plan Nord” and Cote-Nord region, Mr. Pierre Arcand, announced their commitment to $1,089,909 in funding to Pyrowave Inc., a Montreal-based company, through the Technoclimat Program.
“The Pyrowave technology is the first cost effective solution to recycle mixed plastic wastes. Our unique approach uses a local conversion that unzips plastics back to their initial constituents that can later be re-used to make virgin polymers and packaging”, says Jocelyn Doucet, CEO of Pyrowave. “While we have previously proven the technology at large scale, the support of Technoclimat is essential in building our new model machine and proving we can derive a profitable business model from it.”
Only 8% of plastics generated today are recycled – yet the costs to haul, store, sort and process plastics are enormous. Using patented microwave 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
The program aims to reduce emissions of greenhouse gases and to encourage the development of new technologies or innovative processes for energy efficiency and emerging energy sources. The program provides financial support to project developers who register at various stages of the innovation chain. See www.efficaciteenergetique.gouv.qc.ca
GreenSky Capital Inc. is an award winning corporate finance advisory firm based in Toronto, delivering customized financial solutions to small and medium sized technology firms. GreenSky principals bring together a unique combination of experience in operations, law and finance to early stage technology companies.