November 6, 2014 – GREENMANTRA Recycling Technologies Ltd. announced today the completion of a series of financings with proceeds in excess of $17 million. The financing included equity capital from Cycle Capital, a Quebec-based venture fund; ArcTern Ventures, a unique early-stage investment fund developed through a partnership with MaRS; and several independent investors, debt finance from Comerica Bank and Export Development Canada, and financial support from the Ontario Ministry of Research and Innovation and Sustainable Development Technology Canada.
“This new funding strengthens GreenMantra’s competitive position as an innovative technology in the wax market,” said Tim Haig, President and CEO of GreenMantra. “Not only are we shifting the supply mix of the crude oil-dominated $10 billion wax industry, we’re also providing a new life for recyclable polyolefin plastics destined for landfill or for low-value applications. Our competence in producing both custom wax formulations as well as drop-in replacement waxes in a small-scale modularized manner is game-changing.”
Over the past few years, GreenMantra has been actively selling its environmentally friendly waxes to a variety of customer segments. Proceeds from the financing will be used to expand production capabilities including opening a wax production facility in Quebec.
About GreenMantra Technologies
Based in Brantford, Ontario, GreenMantra Technologies utilizes a patented process to cost-effectively transform plastics into high-value specialty chemicals such as waxes, greases and lubricants. GreenMantra has grown rapidly since it was founded in 2010 and currently sells wax produced with its unique technology to a variety of market segments including colour masterbatch, roofing shingles, rubber, coatings and road asphalt modifiers. To learn more about GreenMantra, visit www.greenmantra.com.
About ArcTern Ventures
ArcTern Ventures (www.arcternventures.com) is a North American venture capital fund with a focus on early stage investments in companies with breakthrough technologies that will positively impact the planet. The Fund has developed a unique startup acceleration model through its partnership with one of the largest innovation centres in world, MaRS Discovery District (www.marsdd.com). The fund is managed by Tom Rand and Murray McCaig, two experienced entrepreneurs that bring a wealth of startup experience to their portfolio companies.
About Cycle Capital
A pioneer among Canadian venture capital funds focused on the clean-tech sector, Cycle Capital (www.cyclecapital.com) invests in companies developing and commercializing clean technologies and striving to reduce greenhouse gas emissions, optimizing resource use, and improving process efficiency throughout a product’s life cycle. With assets under management of $230 million, Cycle Capital invests in Quebec and northeastern North America.