Investment supports Polystyvert, a growing Canadian cleantech company, and will help Canada meet its ambitious climate objectives
MONTRÉAL, Nov. 30, 2021 /CNW/ - Canada's cleantech entrepreneurs are proving their power to take on today's environmental challenges. Working in partnership with innovative companies, the Government of Canada is supporting the growth of a greener economy.
Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced an investment of $3.5 million in Montréal-based Polystyvert through Sustainable Development Technology Canada (SDTC). This is the second SDTC investment in Polystyvert and part of a continuing collaboration that is helping the company become a leader in the recycling of widely used synthetic plastics.
Polystyvert will use the investment to complete the scale-up of its patented recycling technology to enable the full circular economy of polystyrene, reducing greenhouse emissions and helping protect the environment. Polystyrene materials, such as some food packaging, are rarely recycled or accepted in curbside collection programs. They are often incinerated or end up in landfills or, even worse, in our oceans and other natural areas, where these nonbiodegradable materials can cause major harm. They can and should be recovered and kept out of the environment, and Polystyvert is making a valuable contribution to the circular economy through its advanced recycling technology.
The company has developed a unique dissolution and purification process that accepts a wide range of recovered styrene plastics and removes contaminants, producing recycled polystyrene resins that can be used in many new products, from food containers to building materials. Polystyvert's breakthrough technology could be a game changer in integrating environmental protection with economic development.
The Government of Canada is committed to investing in clean technology that lays the foundation for a stronger, greener and more sustainable economy that creates opportunities for all Canadians. Today's investment will help grow our economy while supporting Canada's ability to meet its 2030 climate commitments and reach net-zero greenhouse gas emissions by 2050.
"Now is the time for ambitious climate action. Cleantech innovation, entrepreneurship and commercialization are key to the vital shift to a healthier environment and a net-zero carbon economy. Today's announcement will boost our leadership in climate and waste reduction technologies and help foster a truly Canadian success story."
– The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
"Canadian entrepreneurs are driving the innovation that is moving us towards a more sustainable and prosperous future. This investment will enable Polystyvert to rapidly accelerate and commercialize its ideas and continues the momentum of public and private commitments to reducing global emissions."
– Leah Lawrence, President and CEO, Sustainable Development Technology Canada
"Since Polystyvert's beginnings, the Government of Canada has been there to support the various stages of our technology's development, from successful laboratory testing to the second-generation demonstration plant with a continuous process. The SDTC support announced today allows us to continue this collaboration and take the final steps towards the construction of our first full-scale commercial plant. This will allow Canada to develop a circular economy for polystyrene recycling while offering innovative solutions to meet its environmental protection and greenhouse gas reduction objectives."
– Solenne Brouard, Founder, Polystyvert
Clean technology companies currently employ more than 211,000 Canadians in rewarding, well-paying jobs.
SDTC is an independent federal foundation that funds companies with the potential to become world leaders in environmental technologies and help solve some of the planet's most pressing environmental challenges, such as climate change and polluted air, water and soil.
SDTC is Canada's largest funder of clean technology entrepreneurs, and its support makes a significant difference in today's hyper-competitive global market.
Since 2001, SDTC has invested more than $1.38 billion in 460 companies that have generated $2.8 billion in annual revenues, created 16,930 jobs, brought 177 new technologies to market and reduced greenhouse gas emissions by 22.4 megatonnes of CO2 annually, which is equivalent to taking almost 7 million cars off the road every year.
The world is taking notice of Canada's leadership in clean technology: 11 Canadian companies, 9 of which have been funded by SDTC, placed on the 2021 Global Cleantech 100 list.
In December 2020, the Government of Canada announced A Healthy Environment and a Healthy Economy, Canada's strengthened climate plan, which has increased support for SDTC with an additional $750 million over five years, representing the single largest Government of Canada investment in SDTC since its inception in 2001.
Find more services and information at Canada.ca/ISED.
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SOURCE Innovation, Science and Economic Development Canada
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