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Pyrowave, a company that developed a world leading technology allowing infinite recycling of plastics, announced today the closing of a series B investment. 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\u00a0waste.<\/strong><\/p>\n The round led by Michelin, a world leader in sustainable mobility and advanced materials, and Sofinnova Partners, a leading European life sciences venture capital firm based in Paris, London and Milan, investing in sustainable chemistry and biotechnology, also includes Ecofuel, a Quebec-based early stage cleantech venture capital fund. Early stage financial partners have also renewed their confidence by reinvesting in the\u00a0company.<\/p>\n “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\u2019s position as a referent in the field of high technology sustainable materials”, says Matthieu van der Elst from Michelin Ventures.<\/p>\n After more than one year of technological review, the Pyrowave 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\u00a0it.<\/p>\n Pyrowave\u2019s technology disrupts plastic recycling using a proprietary modular microwave-based technology. \u201cWith 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\u2019s 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,\u201d said Jocelyn Doucet, Chief Executive Officer of Pyrowave. \u201cThis 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\u00a0solutions.\u201d<\/p>\n \u201cPyrowave\u2019s unique, game-changing technology brings an immediate answer to plastic waste with a solid, scalable solution,\u201d said Jo\u0161ko Bobanovi\u0107, Partner at Sofinnova Partners. \u201cThis investment is aligned with Sofinnova Partners\u2019 support for exceptional entrepreneurs delivering sustainable solutions to solve an immediate societal, ecological and business\u00a0challenge.\u201d<\/p>\n \u201cPyrowave\u2019 investment by the Ecofuel Fund is not just about the technology. This company combined major partners, focused entrepreneurs, targeted markets and direct environmental impacts,\u201d said Richard Cloutier, Managing Partner at Ecofuel Fund.<\/p>\n <\/p>\n Pyrowave is a pioneer of the Plastic-to-Plastic microwave-based chemical recycling technology that allows post-consumer and post-industrial plastics to be regenerated and restored to their full value. Its patented high-power microwave catalytic depolymerization technology platform is the most advanced worldwide and is now at the forefront of the new generation of plastics. By bringing plastics back to their molecular state identical to virgin materials, Pyrowave technology allows infinite recycling of plastics.<\/p>\n Michelin, the leading mobility company, is dedicated to enhancing its clients\u2019 mobility, sustainably; designing and distributing the most suitable tires, services and solutions for its clients\u2019 needs; providing digital services, maps and guides to help enrich trips and travels and make them unique experiences; and developing high-technology materials that serve a variety of industries. Headquartered in Clermont-Ferrand, France, Michelin is present in 170 countries, has more than 127,000 employees and operates 69 tire production facilities which together produced around 200 million tires in 2019.<\/p>\n Sofinnova Partners is a leading European venture capital firm specialized in Life Sciences. Based in Paris, France, with offices in London and Milan, the firm brings together a team of 40 professionals from all over Europe, the U.S. and Asia. The firm focuses on paradigm-shifting technologies alongside visionary entrepreneurs. Sofinnova Partners invests across the Life Sciences value chain as a lead or cornerstone investor, from very early-stage opportunities to late-stage\/public companies. It has backed nearly 500 companies over more than 48 years, creating market leaders around the globe. Today, Sofinnova Partners has over \u20ac2 billion under management.<\/p>\n Ecofuel is a $40M venture capital fund and a specialized and personalized accelerator dedicated to the cleantech startups. Ecofuel works with entrepreneurs to help build globally competitive companies. Ecofuel Fund invests smart money in early stage startups that develop and commercialize clean technologies while the Ecofuel Accelerator offers entrepreneurs a specialized and personalized program of training workshops, networking sessions, an experienced mentor ecosystem.<\/p>\n Virginie Bussi\u00e8res \/ PyrowaveAbout Pyrowave<\/h3>\n
About Michelin<\/h3>\n
About Sofinnova Partners<\/h3>\n
About Ecofuel<\/h3>\n
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Contacts<\/h3>\n
\nE-Mail: vbussieres@pyrowave.com<\/a><\/p>\n