Toronto, ON – October 5, 2015
The GreenSky Accelerator Fund I, LP (“the Fund”) is excited to announce that it has closed an investment with Mississauga, Ontario based Pyrowave Inc. The Fund led a $790,000 round of funding alongside members of the GreenSky President’s Club, an affiliated network of high-net worth active angel investors. The funds will be used to demonstrate and commercialize the technology in initial market segments.
Pyrowave Inc. has developed patented and proprietary technology using small-scale, microwave-based machines that improve the economics of recycling such that about twice as much plastic may be recycled rather than sent to landfill. The machines will be placed on site, where they will convert plastic input into high value chemicals. Revenue is derived through selling recycled output to large chemical companies, and costs are reduced by decreasing hauling of light waste material.
GreenSky Capital Inc., a registered Ontario exempt market dealer that is affiliated with the Fund and the President’s Club, has been working with Pyrowave since 2014 and was instrumental in providing Pyrowave with its seed round capital.
“The Pyrowave team has been developing this technology for five years,” said Jocelyn Doucet, CEO of Pyrowave, “Today’s financing, which follows commitments from clients leasing our machines and a global petrochemical company committing to purchase our output, puts us in position to prove our unique technology in the field, and then scale up for our pipeline of interested customers. We thank our investors and are excited to move forward.”
About Pyrowave, Inc.
Only 8% of plastics generated today will be recycled, yet the costs to haul, store, sort and process are enormous. Using patented microwave upcycling technology, Pyrowave places small, modular units directly onsite at both recyclers and producers of plastic waste. Pyrowave expands the range of recyclable materials, reduces logistics costs and produces higher value end products. Pyrowave cares about the environment. Its technology reduces landfilling, incineration and waste hauling which generates a sustainable source of chemicals for the industry.
About the GreenSky Accelerator Fund
The GreenSky Accelerator Fund is a venture capital fund focused on making seed stage investments in high-growth, early-stage Canadian CleanTech and IT opportunities. Through its affiliation with GreenSky Capital Inc., the GreenSky Accelerator Fund has access to a robust network of deal flow and takes an institutional approach to early stage investing.