For immediate release
January 11, 2013
Brantford, Ontario — GreenMantra Recycling Technologies Ltd. will market new industrial wax products created from recycled plastic in North America and be able to licence its innovative production process to European customers, thanks to a new investment from the Government of Canada. The investment was announced today by Phil McColeman, Member of Parliament for Brant, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
"This is another example of how Brantford businesses are innovating, modernizing and capitalizing on new opportunities in the 21st century economy to bring jobs and prosperity to our community," said MP McColeman. "This investment will support the growth of GreenMantra Technologies, creating high-value jobs for southern Ontario and a competitive advantage in local and international markets."
Under FedDev Ontario's Investing in Business Innovation initiative, GreenMantra Technologies Ltd. will receive up to $750,000 to complete final commercialization testing of its proprietary technology to produce industrial waxes from recycled plastics. The waxes produced will be used in such products as asphalt, wood products, adhesives and polishes. The project is expected to create up to 13 high-value jobs in Brantford during its course and up to 45 additional jobs by 2017.
GreenMantra Technologies Ltd. was founded in 2010 and is based in Brantford, with strategic partners located in Toronto and Europe. The company is a pioneer in the industry and was founded on the model of commercializing innovative technologies to produce synthetic industrial fuels and lubricants from abundantly available recycled plastics. Its proprietary technology produces high yields with low start-up, operating and transportation costs, allowing for a wide range of products with significant environmental benefits.
"GreenMantra is delighted to be a recipient of funding from FedDev Ontario," said President and CEO Pushkar Kumar. "The funding is instrumental in getting GreenMantra's operations off the ground and bringing our unique and environmentally friendly waxes to market."
The success of the Investing in Business Innovation initiative relies on leveraging private sector investments and partnerships. For this project, the company has raised up to $1 million through the MaRS Clean Tech Fund and up to $500,000 from the MaRS Investment Accelerator Fund. With a history of product development from innovative technology, GreenMantra Technologies Ltd. is poised for expansion of production and its market share upon completion of this project.
The Investing in Business Innovation initiative is designed to boost private sector investment in start-up businesses to accelerate the development of new products, processes and practices and help bring them to market. Funding under the initiative is also available for angel investor networks and their associations to attract new investment and support the growth of angel investment funds. Applications for funding are being accepted and assessed on an ongoing basis. For more information, please refer to the program guidelines available on the website.
Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region's strengths and creating opportunities for jobs and economic growth. The Agency has launched a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. These initiatives are designed to encourage partnerships and support projects that help the region's businesses and communities become more competitive, innovative and diversified. To learn more, please visit www.FedDevOntario.gc.ca or call 1-866-593-5505.
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For more information, contact:
Stephanie Thomas
Press Secretary
Office of the Honourable Gary Goodyear
613-960-7728
Media Relations
FedDev Ontario
416-954-6652
