MONTREAL—Michelin's commitment to sustainable technologies took another step forward with the tire maker's recent investment in Canadian plastics recycling company Pyrowave.
Michelin is part of an investment team that also includes European life sciences venture capital firm Sofinnova Partners.
Monteal-based Pyrowave said it has developed a microwave-based chemical recycling technology that can recover recycled styrene monomer from plastic waste. The styrene monomer can be integrated in the production of synthetic rubber.
Details about the investment were not disclosed, but Pyrowave said the move was "the first step" toward bringing the modular technology to market and scale-up.
"Our venture capital strategy aims to support the most innovative companies, with a strong growth potential, (while) focusing on the relevant domains for our businesses," Michelin Ventures' Matthieu van der Elst said in a statement.
The move, he added, strengthens Michelin's position as "a referent in the field of high technology sustainable materials."
"This investment marks a turning point in the circular economy of plastics, and the support from Michelin sends the signal that the market is ready to implement these solutions," Pyrowave CEO Jocelyn Doucet said in a news release.