United States – Clean tech company GreenMantra Technologies will receive an investment of around US$ 3 million from Closed Loop Fund to expand its manufacturing hub in Brantford, Canada, where it converts ‘high value’ polymer products into post-consumer plastics.
The expansion will increase the plant’s annual capacity of 5000 tonnes by an additional 2500 tonnes per year. This financial injection will allow GreenMantra to meet growing demand for its polymer products while boosting the volume of plastics flowing into the recycling market.
GreenMantra Technologies processes municipal and industrial plastics, including plastic film and bags. The materials yield special waxes and chemicals used in roofing, asphalt paving, adhesives and coatings etc.
‘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,’ comments Margot Kane, chief financial officer and chief investment officer, Closed Loop Partners.
Construction of the plant expansion is scheduled to begin later this year with start-up of the new capacity slated for mid 2018.