$7 million in government support to boost advancement of Pyrowave's microwave-based plastics recycling technology
Pyrowave, a specialist in chemical recycling, and pioneer in the use of microwave-based technology for the recovery of post-consumer and post-industrial plastics, has announced $7 million in financial support from the Quebec Government's ESSOR Program, administered by Investissement Québec. Pyrowave says this financial support will help expand its pilot plant and Centre of Excellence in Microwave Technologies facility located in Salaberry-de-Valleyfield, Quebec, as well as hire new talent, and continue to develop and improve its unique and patented technologies. The purpose of the ESSOR Program is to accelerate the growth of promising Quebec companies like Pyrowave to help them become leaders in tomorrow's low-carbon and circular economy.
This investment is the culmination of a series of announcements made by Pyrowave in recent months, including a joint development agreement with Michelin, the France-based tire corporation and a world leader in the development of sustainable materials. Since the announcement of this partnership, Pyrowave has continued its rapid growth on international markets and says this new support, combined with the recent investment by the Fonds de solidarité FTQ, will accelerate the exportation of its technology, strengthen its market position and make it even more competitive internationally in the sustainable chemistry sector. It will also help the firm consolidate its partnerships with local suppliers by leveraging the talent of Quebec manufacturing companies to commercialize its unique platform.
Spin-offs for Quebec
Pyrowave's loan granted by the Quebec Government will help support and improve a team of highly qualified researchers, creating about a dozen jobs, in addition to attracting and retaining talent in Quebec. As part of this financing, Pyrowave will also repatriate its head office to Quebec to consolidate its operations.
"We are proud that the government recognizes and supports the new generation of companies at the source of green growth in Quebec, specifically in the circular economy of plastics, a global issue that provides international growth opportunities," said Jocelyn Doucet, CEO of Pyrowave. "Through talent, technological know-how and geographic positioning, the Province of Quebec is a strategic location to support our growth and development," he continued.
"In the context of economic recovery and the fight against climate change, businesses must innovate and focus on the circular economy in order to be competitive. The recycling technology of certain plastics developed by Pyrowave has a tremendous potential to reduce Quebec's environmental footprint and promote our know-how internationally", said Pierre Fitzgibbon, Minister of the Economy and Innovation and Minister responsible for Regional Economic Development.
"Plastics are still used in large quantities all over the world, and the management of their end-of-life is a major issue for the protection of the environment. Pyrowave's technology is part of a circular economy principle and has the potential to significantly improve the environmental record of the plastics sector. The support of our government shows that we are resolutely committed to the transition to a low-carbon economy," commented Benoit Charette, Minister of the Environment and the Fight against Climate Change, Minister responsible for the Fight against Racism and Minister responsible for the Laval region.
A new centre of excellence in microwave technologies
The Pyrowave technology platform is the result of innovation using microwaves to manufacture chemicals more efficiently and with a lower carbon release than traditional processes because it uses electricity which can be entirely renewable. This innovation reduces the environmental impact of products and reduces the waste generated by traditional processes.
One of its applications is to return plastic waste to its original form, monomers, which can then be reused in original applications identical to those using virgin materials. This approach avoids the extraction of virgin raw materials and therefore avoids all the environmental impacts associated with the transformation of these virgin materials into finished products.