The investment is toward boosting molecular recycling capacity by 50% and expanding specialty additive production in Ontario. | Rene Notenbomer / Shutterstock
As vulnerabilities intensify across European plastics recycling markets, Closed Loop Partners (CLP) has deployed a $10 million loan to Canadian molecular recycling firm GreenMantra Technologies, reaffirming its commitment to selective depolymerization technology.
The cash injection into GreenMantra is the investment organization’s third in 10 years. Jennifer Louie, managing director, Closed Loop Infrastructure Group at CLP, said that “optimizing plastics recovery in North America requires diversified solutions, including mechanical and molecular recycling technologies in the region.”
The technologies and innovations must work hand-in-hand for scalability, environmental and public health outcomes, Louie added.
Founded in 2011, GreenMantra generates specialty waxes and polymer additives from lower-grade polyethylene and polypropylene, regardless of melt flow specifications, color sorting, debris removal or moisture control. The recycling process offers improved energy efficiency over legacy technologies, converting feedstocks into specialty performance additives used in roofing and in road construction, among other applications.
The company will use the new capital for equipment upgrades at its MRF in Branford, Ontario, increasing capacity to meet growing demand. The investment will boost GreenMantra’s output by an estimated 50%.
“This financing marks a significant acceleration in our work to scale solutions that help ensure hard-to-recycle materials do more for our planet,” said Domenic Di Mondo, CEO, GreenMantra.
Closed Loop previously provided $3 million for the recycler’s Ontario MRF and shows ongoing support driven by not only its resiliency but also a “technically proven process and a clear path to scale,” Louie said.
GreenMantra has identified geographic expansion as a near-term strategic priority, amid sustained interest in molecular and advanced recycling methods.
More stories about Canada