GreenMantra Technologies says a recent $3 million investment from Closed Loop Fund will allow the company to expand the capacity of its production facilities. Brantford ON-based GreenMantra converts post consumer and industrial waste plastics into polyethylene and polypropylene waxes.
"GreenMantra's platform technology is an important innovation that builds a new regional market for post-consumer recycled mixed plastics," said Margot Kane, CFO and chief investment officer at Closed Loop Partners. "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."
The expansion will increase the plant's annual capacity of 5,000 metric tonnes by an additional 2,500 metric tonnes 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. Construction of the plant expansion is expected to start later this year with full operations anticipated for the third quarter of 2018.
Marketed under the Ceranovus brand, the waxes are used in various industrial applications including asphalt paving and roofing, plastics processing, adhesives and coatings.
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, Procter & Gamble, Unilever, and Walmart Foundation.