greenmantra success story
Closing the Loop and Bringing the Plastics Economy Full Circle
From Investment to Commercial Success
GreenMantra is a leader in producing value-added synthetic waxes, polymer additives and other chemicals from recycled plastics. It is the first company in the world to upcycle post-consumer and post-industrial recycled plastics. To date, GreenMantra has successfully commercialized products produced from recycled polyethylene and polypropylene into synthetic polymers and additives that meet specific performance requirements for industrial applications.
Imminent End-of-Life Path to Incredible Full Circular Economic Impact
Hard-to-recycle plastics are more often destined for landfills or in some cases incineration. In either situation, the environmental impact of greenhouse gas emissions from these two end-of-life scenarios, is a loss of material and devastation to our environment. This waste-to-diversion imbalance paves a clear path towards environmental degradation yet also holds the opportunity for the growth of novel, innovative clean technologies.
GreenMantra recognized the opportunity to leverage its innovative technology to up-cycle recovered polystyrene plastic and create a positive impact by reducing GHG emissions, air pollution and landfill diversion, advancing a more circular economy where plastics are beneficially reused rather than landfilled.
As proof of concept, GreenMantra validated its lab scale technology using recycled polystyrene from various foam applications. Once proven successfully, it was imperative to scale up its technology to validate the operating parameters and to provide sufficient samples for market development and downstream product integration. BIC recognized the opportunity and began working with GreenMantra to support the removal of these critical barriers to commercialization.
BIC’s support included a thorough due diligence to confirm that GreenMantra’s scale-up project was a good fit for its investment thesis. BIC’s additional support included providing technical engineering services to GreenMantra’s early-stage team and support for the build out of its pilot facility in Brantford, Ontario. Additionally, BIC’s business advice supported GreenMantra’s IP strategy by helping its secure a number of patents further reinforcing its market position.
Providing Critical Investment to Commercialize and Scale
BIC’s relationship with GreenMantra began with an initial investment in March of 2018. A trusted investor in BIC’s network suggested having a look at GreenMantra’s technology, which led to a total of three investments and three projects over the course of the next two years.
Improving Operations through Technical Engineering Support
BIC’s domain knowledge, investor network, critical business advice and elite engineering support are what set it apart and allow companies like GreenMantra to scale.
BIC’s investments and strategic business and engineering support helped GreenMantra refine its processing by improving its process through an overall equipment effectiveness (OEE) process and improve its production output through analytical analysis of its operational data – allowing it to minimize production loss due to poor operational efficiencies and poor maintenance effectiveness, helping achieve higher production output and lower formulation costs.
The successful completion of these three projects resulted in a production capacity increase to over 4,000 metric tons of product and significantly more revenue into the company. This also allowed GreenMantra to continue meeting the demand from existing customers as well as the growing demand from new markets. This higher production capability was achieved on existing lines significantly reducing its cost of goods sold while generating improved margin, effectively addressing the economic barriers to the company’s business success.
Ultimate Impact
In addition to the above success, benefits to the region were also realized in the creation of seven (7) direct jobs, nine (9) full-time equivalents (FTEs) which are generally engineering or construction jobs, and two (2) highly qualified personnel. Up to the previous quarter, GreenMantra has reported $16.4 million in revenue with over 28k tonnes of CO2 emissions reduced. The current reductions are likely greater as this number is based on 2020 data.
For more information please contact:
Meaghan Seagrave Meg Jackson
Executive Director Marketing and Communications Manager
Bioindustrial Innovation Canada Bioindustrial Innovation Canada
Email: mseagrave@bincanada.ca Email: mjackson@bincanada.ca
Tel: 506.471.5676 Tel: 226.778.0020 ext. 249
About FedDev Ontario
For 13 years, the Government of Canada, through FedDev Ontario, has worked to advance and diversify the southern Ontario economy through funding opportunities and business services that support innovation, growth and job creation in Canada’s most populous region. The Agency has delivered impressive results, which can be seen in southern Ontario businesses that are creating innovative technologies, improving productivity, growing revenues, creating jobs, and in the economic advancement of communities across the region. Learn more about the impacts the Agency is having in southern Ontario by exploring our pivotal projects, our Southern Ontario Spotlight, and FedDev Ontario’s Twitter, Facebook, Instagram and LinkedIn.
About GreenMantra Technologies
GreenMantra is a leader in advanced recycling that transforms recycled plastics into value-creating specialty waxes and polymer additives for industrial applications.
Their vision is to be a global CATALYST FOR SUSTAINABLE IMPACT, resolving the plastic waste challenge by GOING FARTHER, BEING BETTER & DOING BIG THINGS for our customers’ businesses and the planet.
Their CERANOVUS® products offer significant performance benefits, while also enhancing the sustainability profile of our customers’ products.
About Bioindustrial Innovation Canada (BIC)
Bioindustrial Innovation Canada (BIC) is a nationally focused not-for-profit business accelerator that provides critical strategic investment, advice, and services to business developers of clean, green, and sustainable technologies.
BIC focuses on critical strategic capital investment in SMEs with compelling business plans where innovation in science and engineering can bring about major advances in sustainable chemistry. Sustainable chemistry is playing an important role in the development of solutions to the impacts of climate change, peak oil, energy security, the need for safe water and the use of scarce natural resources. The increasing global demand for green and safer products offers the opportunity to create thousands of new jobs for Canadians.
