We are delighted to share the news of a RIC Centre client graduate, GreenMantra Technologies completing of a series of financing with proceeds in excess of $17 million. The Brantford-based clean technology company utilizes a patented process to cost-effectively transform plastics into high-value specialty chemicals such as waxes, greases and lubricants.
“This new funding strengthens GreenMantra’s competitive position as an innovative technology in the wax market,” said Tim Haig, President and CEO of GreenMantra. “Not only are we shifting the supply mix of the crude oil-dominated $10 billion wax industry, we’re also providing a new life for recyclable polyolefin plastics destined for landfill or for low-value applications. Our competence in producing both custom wax formulations as well as drop-in replacement waxes in a small-scale modularized manner is game-changing.”
“RIC Centre and James Sbrolla were both of great assistance to me and GreenMantra when we were first commercializing our technology in 2010” said Pushkar, Founder of GreenMantra.
Moving forward, GreenMantra is using some of the proceeds expand production including opening a facility in Quebec.
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