Federal Economic Development Agency for Southern Ontario

Federal Economic Development Agency for Southern Ontario

June 17, 2016 13:15 ET

FedDev Ontario Supports Innovative Clean Technologies in Brantford

BRANTFORD, ONTARIO--(Marketwired - June 17, 2016) - Federal Economic Development Agency for Southern Ontario (FedDev Ontario)

Today, Bryan May, Member of Parliament for Cambridge, visited GreenMantra Recycling Technologies Ltd.'s new plant expansion, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario. While touring the facility, MP May announced FedDev Ontario funding of up to $600,000 in GreenMantra Recycling Technologies Ltd.

Protecting the environment and growing the economy go hand in hand. Today's federal funding will allow GreenMantra Recycling Technologies to expand market development activities for its Ceranovus A-Series waxes - wax that is made from 100% recycled content. In addition, the company will develop and implement a resource planning system to automate aspects of the business, which will help increase its operational efficiency.

FedDev Ontario's repayable contribution is through the Investing in Business Innovation initiative, which is aimed at strengthening the innovation ecosystem in southern Ontario by supporting new entrepreneurs, early-stage businesses and angel investors.

Quotes

"As the Government continues to focus on the importance of the environment, businesses like GreenMantra Recycling Technologies are great examples of the innovative products being developed in Canada today, to better our future tomorrow."

- Bryan May, Member of Parliament for Cambridge

"Today's investment illustrates how the Government of Canada is supporting innovation and the use of clean technologies to reduce environmental impacts. We are proud to support companies like GreenMantra Recycling Technologies, which are working to reduce greenhouse gas emissions while creating jobs and growth in southern Ontario."

- The Honourable Navdeep Bains Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario

"We appreciate the ongoing investment and support of the Federal Economic Development Agency in GreenMantra Recycling Technologies. They, along with our other investors, are helping us to continue our rapid growth in producing high quality specialty chemical products from hard-to-recycle plastic feedstocks."

- Kousay Said, President & CEO, GreenMantra Recycling Technologies Ltd.

Quick Facts

  • GreenMantra Recycling Technologies Ltd., founded in 2010, specializes in the manufacturing of wax products using an innovative and environmentally friendly process of recycling plastic waste.
  • GreenMantra Recycling Technologies' waxes are environmentally-friendly, increase the demand for recycled plastic and emit 50 percent less greenhouse gases than traditional petroleum-derived waxes.
  • Over the course of this project, GreenMantra Recycling Technologies expects to create 25 new jobs while maintaining 24 jobs-the majority in the sales and engineering sectors.
  • GreenMantra Recycling Technologies is also leveraging up to $1.2 million from Angel Investors led by Arctern Ventures and Cycle Capital.
  • GreenMantra Recycling Technologies previously received $750,000 in funding through FedDev Ontario's Investing in Business Innovation initiative, which supported the full-scale commercialization testing of synthetic waxes from recycled plastic.

Associated Links

Investing in Business Innovation initiative

GreenMantra Recycling Technologies Ltd.

Website: www.FedDevOntario.gc.ca

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