GreenMantra Technologies, a clean technology company that produces high-value polymer products from waste plastics, has secured $3 million funding commitment from Closed Loop Fund.
Closed Loop joins existing GreenMantra investors ArcTern Ventures and Cycle Capital Management.
New funds will be used for expansion of GreenMantra’s manufacturing operations in Brantford, Ontario. The expansion will increase the plant’s annual capacity of 5,000 metric tons by an additional 2,500 metric tons 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 anticipated to begin later this year with start-up of the new capacity slated for Q3 2018.
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.
“GreenMantra’s platform technology is an important innovation that builds a new regional market for post-consumer recycled mixed plastics,” said Margot Kane, chief financial officer and chief investment officer, 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.”
“We are pleased with Closed Loop Fund’s investment in our technology and their belief in our proven business model,” said Kousay Said, president and chief executive officer of GreenMantra. “We are taking plastic waste that is destined for the landfill and cost-effectively transforming it into materials that add significant value to our customers’ products and processes. This investment will enable us to continue our rapid growth and provides additional credibility for our efforts.”
photo credit: GreenMantra Technologies