Image default
Business Partnerships

Pyrowave closes Series B led by Sofinnova Partners and Michelin

Pyrowave closes Series B led by Michelin and Sofinnova Partners (CNW Group/Pyrowave)

“With traditional recycling technologies, the market applications of recycled plastics are very limited because of contamination or plastic degradation during the process which reduces its quality and potential for applications.”

Pyrowave, a company that has developed a plastic-to-plastic chemical recycling technology, has announced the closing of a series B investment.

In a statement, the company said that this investment marks the “first step towards bringing this unique modular technology to market and providing a scalable, viable and sustainable solution in the fight against plastic waste”.

The round was led by Michelin (@Michelin), a sustainable mobility and advanced materials giant, Sofinnova Partners (@SofinnovaVC), a well-known European life sciences venture capital firm based in Paris, London and Milan, investing in sustainable chemistry and biotechnology, and Ecofuel (@EcofuelStartups), a Quebec-based early stage cleantech venture capital fund. Early stage financial partners have also renewed their confidence by reinvesting in the company.

“This investment is a concrete illustration of our venture capital strategy which aims to support the most innovative companies, with a strong growth potential, and focusing on the relevant domains for our businesses. Alongside our current portfolio and our outstanding R&D, this investment strengthens the Michelin’s position as a referent in the field of high technology sustainable materials,” said Matthieu van der Elst from Michelin Ventures.

After more than one year of technological review, the Pyrowave (@Pyrowavetechno) technology demonstrated its ability to produce recycled styrene monomer from plastic waste to be later integrated in the production of synthetic rubber, a major component found in tires. Michelin has assessed Pyrowave technology and has decided to support it.

Pyrowave’s technology disrupts plastic recycling using a proprietary modular microwave-based technology. “With traditional recycling technologies, the market applications of recycled plastics are very limited because of contamination or plastic degradation during the process which reduces its quality and potential for applications. New recycling technologies like Pyrowave’s decompose the complex chemical structure of plastics back into a simpler form that can be used to make virgin plastics and other products in multiple applications,” said Jocelyn Doucet, Chief Executive Officer of Pyrowave. “This investment marks a turning point in the circular economy of plastics and the support from Michelin sends the signal that the market is ready to implement these solutions.”

“Pyrowave’s unique, game-changing technology brings an immediate answer to plastic waste with a solid, scalable solution,” said Joško Bobanović (@joskob), Partner at Sofinnova Partners. “This investment is aligned with Sofinnova Partners’ support for exceptional entrepreneurs delivering sustainable solutions to solve an immediate societal, ecological and business challenge.”

“Pyrowave’ investment by the Ecofuel Fund is not just about the technology. This company combined major partners, focused entrepreneurs, targeted markets and direct environmental impacts,” said Richard Cloutier, Managing Partner at Ecofuel Fund.

If you were interested in this bioeconomy story, you may also be interested in the ones below.

Read: 5 Minutes With…Michael Krel from Sofinnova Partners

Read: 5 Minutes With… Joško Bobanović from Sofinnova Partners.

Read: 5 Minutes With… Thomas Grotkjær from Novo Seeds.

Read: Ginkgo Bioworks invests $80m in Synlogic.

Read: The chemical innovation taking anti-cancer compounds out of the sea slug and into the lab.

Read: Expert View: How synthetic biology offers solutions for Mars colonization.

Read: Expert View: How China is catching up with the US in new applications of synthetic biology.

Read: Synthetic biology breakthrough could ignite cheaper biofuel production.

ReadNew report: Bringing synthetic biology innovations to commercial scale.

Related posts

Clean energy company aids Drax in pursuit of European-first carbon capture plan.

Dave Songer

Avantium opens branch office in Japan to boost development of PEF.

Liz Gyekye

“…too big an opportunity not to take,” how University College Dublin is accelerating Ireland’s bio-based economy.

Luke Upton

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More