SEATTLE (Recycling Monster): GreenMantra Technologies, a well-known chemical recycling company in Canada, announced that Closed Loop Infrastructure, a private lending division of Closed Loop Partners, has granted it a $10 million loan. At its Brantford site, the loan amount will be used to increase processing capacity and buy new equipment.

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The loan is a component of the Closed Loop Infrastructure Group's endeavors to oversee and assist chemical recycling initiatives. The financing coincides with claims that these recycling technologies fail to meet the promises of large-scale recycling and are a cause of pollution.

The money will be used to increase its specialty product production by around half. The business turns difficult-to-recycle PE and PP plastics into specialty waxes and polymer additives by using the depolymerization procedure.

GreenMantra has previously benefited from Closed Loop's assistance. It was awarded $83 million for a plant expansion project earlier in 2017. Additionally, as part of its green manufacturing effort, the Canadian government awarded the company $3.8 million in support.