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GreenMantra Receives Funds from Closed Loop Fund for Expansion of its Plant

Published on 2017-07-27. Author : SpecialChem

GreenMantra Technologies has announced that Closed Loop Fund will invest up to $3 million into an expansion of GreenMantra’s manufacturing operations in Brantford, Ontario.

Industrial Waste into High-value Waxes

GreenMantra Receives Funds from Closed Loop
GreenMantra Receives Funds from Closed Loop
The investment will enable GreenMantra to expand the capacity of its plant, which converts post-consumer and industrial waste plastics, including hard to recycle films and bags, into high-value waxes. These polyethylene and polypropylene waxes, marketed under the CeranovusTM brand, are used in various industrial applications including asphalt paving and roofing, plastics processing, adhesives and coatings.

The expansion will increase the plant’s annual capacity of 5,000 metric tons by an additional 2,500 metric tons per year. This will help GreenMantra meet growing demand for its polymer products, as well as increase the diversion of waste plastics from disposal into sustainable reuse.

Closed Loop joins existing GreenMantra investors ArcTern Ventures and Cycle Capital Management in supporting the continued growth of the company. Both firms specialize in investing in companies focused on clean technology and sustainability.

Closed Loop Fund is a $100 million social impact fund that is working to increase the recycling of products and packaging. Its investors are some of the world’s leading retail and consumer goods companies including 3M, Coca Cola, Colgate Palmolive, Dr. Pepper Snapple Group, Keurig Green Mountain Johnson & Johnson, Nestle Waters North America, Pepsico, Proctor & Gamble, Unilever, and Walmart Foundation.

Funding Replicable Technologies

Margot Kane, chief financial officer and chief investment officer, Closed Loop Partners, said:

“GreenMantra’s platform technology is an important innovation that builds a new regional market for post-consumer recycled mixed plastics. GreenMantra’s patented process enables the up-cycling of plastic waste into higher value products and is directly aligned with our goal of funding replicable technologies that will help unlock additional investment in recycling.”

Construction of the plant expansion is anticipated to begin later this year with start-up of the new capacity slated for Q3 2018.

Kousay president and chief executive officer of GreenMantra, said:

“We are pleased with Closed Loop Fund’s investment in our technology and their belief in our proven business model. We are taking plastic waste that is destined for the landfill and cost-effectively transforming it into materials that add significant value to our customers’ products and processes. This investment will enable us to continue our rapid growth and provides additional credibility for our efforts.”

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Source: GreenMantra
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