BRANTFORD, Ontario, June 7, 2016 /PRNewswire/ --GreenMantra Technologies, a rapidly growing producer of high-value specialty chemicals from recycled plastic feedstocks, announced today it has completed its latest round of funding, raising $5.5 million (CAD).
The third round of investment from current and new investors will be used to fund the next stage of growth for the company, primarily to bring several new products to market and to support working capital needs as the business expands, said president & CEO Kousay Said. Existing investors ArcTern Ventures and Cycle Capital participated in the financing. It is the first tranche of what will be a larger round of funding, he added.
"We are pleased for the confidence both our current and new investors have shown in our business model and our growth, as evidenced by this latest round of financing," he said. "This will help us continue to add key technical and operational resources, as well as bring our considerable intellectual property to fruition through new products and entry into new market segments."
GreenMantra Technologies utilizes a proprietary catalytic system and patented process to cost-effectively transform hard-to-recycle polyolefin plastics such as grocery bags, shrink wrap, bottle caps, milk jugs and shampoo bottles into high-value waxes, greases, lubricants and other specialty chemicals. Its wax products include "drop in" replacements as well as novel waxes that are cost and performance competitive with waxes made from traditional petroleum-based feedstocks. These wax products have a broad range of applications in the asphalt roofing and paving, inks, coatings, plastics, plastic color masterbatch, adhesives, and rubber industries.
The company recently completed construction of a new full-scale manufacturing plant in Brantford, significantly expanding its capacity and the availability of its products. The new plant has an annual capacity of 5,000 metric tons, and is designed for future expansion to accommodate anticipated growth in product demand.
Founded in 2011, GreenMantra's first round of funding was used for start-up costs, pilot plant construction, product development and testing. The second round was used primarily to commercialize and market the first generation of the company's wax products, add technical and operational resources and construct the new plant.
Based in Brantford, Ontario, GreenMantra Technologies utilizes a proven patented process to cost-effectively transform hard-to-recycle polyolefin plastics into high-value specialty chemicals such as waxes, greases and lubricants. More information on the company, its products and its innovative technology can be found at www.greenmantra.ca.
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SOURCE GreenMantra Technologies