BIC is co-investing in GreenMantra Technologies with Cycle Capital Management and ArcTern Ventures, with whom BIC recently entered into memoranda of understanding in order to co-operate in seeking sustainable investment candidates.
“Green Mantra’s technology for plastics recycle represents a significant breakthrough on several fronts. First, the ability to depolymerize waste ethylene-based polymers in a controlled manner to directly yield value added products –something never achieved before. Second, the potential to extend their technology to styrene-based waste polymers and in particular expanded versions –another first. Bioindustrial Innovation Canada is pleased to fund this innovative endeavour,” said Paul Clark, retired Nova Chemicals vice-president, research & technology.
To qualify for BIC investment, GMT completed a process under BIC’s initiative program, The Centre for Commercialization of Sustainable Chemistry Innovation (COMM SCI), which acts as a hub for the commercialization of sustainable chemistry and bio-based innovation.
“We’re gratified and excited that BIC has chosen to invest in GMT’s technology and people,” said Jodie Morgan, CEO of GreenMantra. “Our mission is to provide customers with high-value products that simultaneously advance a more circular economy for plastics where they are beneficially reused rather than ending up in our oceans and landfills. Having BIC as a partner in this project is a major milestone for us.”