Pyrowave Continues to Grow With Quebec’s Support
2021-11-18 / News
Pyrowave Continues to Grow With Quebec’s Support
The chemical plastics recycling technology firm expands and repatriates head office to Quebec
Montreal, November 19, 2021 – Pyrowave, a pioneer in the electrification of chemical processes based on low carbon footprint microwaves, is proud to announce Quebec Government’s financial support through the ESSOR Program, administered by Investissement Québec. This financial support in the form of a $7 million credit facility will help Pyrowave expand its pilot plant and its Centre of Excellence in Microwave Technologies located in Salaberry-de-Valleyfield, hire new talents, and continue developing and improving 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, a French 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. The support announced today, 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
The loan granted by the Quebec Government will help support and improve a team of highly qualified researchers, creating 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 talents, 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," added 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 a Quebec 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.
By continuing its development within its Microwave Technology Centre of Excellence, Pyrowave technology aims to become a platform for the next generation of sustainable processes through a portfolio of innovative patents, contributing to a lower carbon manufacturing industry.
An infographic is attached to this press release.
Creating the Future Now: Leaders of the green economic recovery propose their green solutions to the pandemic!
At the beginning of the pandemic, Pyrowave was looking for alternatives to revive the economy while taking advantage of this pause to rethink our ways of doing things and innovate. Jocelyn Doucet, CEO of Pyrowave, spoke with inspiring leaders who are building the economy of the future and proposing ideas that revolutionize the way things are done in their industry. Discover them!
Pyrowave is a pioneer in the electrification of chemical processes based on low carbon footprint microwaves. Pyrowave is also a leader in the plastics circular economy and microwave chemical recycling that restores post-consumer and post-industrial plastics into new plastics, returning these resources to their full value. Its patented high-powered microwave catalytic depolymerization technology platform is the most advanced in the world and is now at the forefront of the next generation of plastics. By restoring plastics to their molecular state identical to virgin materials, Pyrowave technology enables infinite recycling of plastics and offers a circular economy solution to the global plastics recycling challenge.
Requests for interviews:Patricia Lemoine
Mongeau Pellerin & Co.
Vice President, Communications, Government Relations and Marketing