Pyrowave receives $ 7 million in credit facility | VIVA MÉDIA Skip to main content

Financial support in the form of a $ 7 million credit facility was announced to the Pyrowave company to expand its pilot plant and Centre of Excellence in Microwave Technology located in Salaberry-de-Valleyfield, to hire new talent and continue its development.

(Photo Facebook Pierre Fitzgibbon)

This investment is the result of a series of announcements made by Pyrowave in recent months, including a joint development agreement with the French tire company “Michelin”. Since the announcement of this partnership, Pyrowave continues its rapid growth in international markets and the announced support, combined with the recent investment from the Fonds de Solidarité FTQ, will accelerate the export of its technology, strengthen its position in the market and make it even more competitive internationally in the sustainable chemicals sector. It will also strengthen its partnerships with local suppliers by using the talent of Quebec manufacturing companies to commercialize its unique platform.

Benefits for Quebec

The loan granted by the Government of Quebec will thus help support and enhance a team of highly qualified researchers. As part of this financing, Pyrowave will also repatriate its head office in Quebec to consolidate its operations.

“We are proud that the government recognizes and supports the new generation of companies that are at the source of green growth in Quebec, particularly in the circular plastics economy, a global issue that offers international growth opportunities, says Jocelyn Doucet, CEO of Pyrowave. Talent, technological know-how and geographic positioning make Quebec a strategic location to support our growth and development.”

The Minister of Economy and Innovation, Pierre Fitzgibbon ensures that in the context of economic recovery and the fight against climate change, that companies must innovate and bet on the circular economy to be more competitive.

“The recycling technology for certain plastics, developed by Pyrowave has great potential to reduce Quebec’s environmental footprint and promote our know-how internationally”, said Mr. Fitzgibbon.

A new centre of excellence in microwave technologies

The Pyrowave technological platform is the result of a Quebec innovation that uses microwaves to manufacture chemicals more efficiently and lower carbon than traditional processes. One of its applications aims in particular to bring plastic waste back to its initial form.

Steve Sauvé

Journaliste

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