A Quebec recycler will use government loans to help double capacity through a project valued at more than C$4 million (US$2.93 million)
Exxel Polymers Inc. of Bromont will use a loan package of approximately C$2.9 million (US$2.12 million) to "acquire equipment to increase its productivity and production capacity in order to sustain growth," according to Canada Economic Development for Quebec Regions.
The government of Canada is providing a repayable contribution of C$1 million (US$730,000) under CED's Regional Economic Growth Through Innovation program. The Government of Quebec also is loaning C$1.44 million (US$1.05 million) under the ESSOR program, administered by Investissement Québec (IQ) as the government's representative. Another loan of C$455,150 (US$333,413) comes from IQ's own funds.
"Thanks to this crucial investment, we are at the point of doubling our production capacity and setting out to conquer new markets, thereby strengthening our position as an industry leader," said Hans Fortin, general manager of the company, in a statement.
"In concrete terms, IQ and CED are helping Exxel Polymers as it turns plastic waste into valuable resources, while also reducing the carbon emissions associated with the production of new plastics. We are combining economic development with sustainable development," Fortin said.
This is not the first time IQ has collaborated with the company.
"Investissement Québec has stood with the leaders of Exxel Polymers for nearly 20 years now and is proud to support them in this important optimization project. By acquiring equipment, the manufacturer will be able to increase its contribution to the recovery of plastics and meet the demand in a market that is growing both at home and internationally," IQ CEO Bicha Ngo said in a statement.
Exxel Polymers, founded in 2003, recycles both post-industrial and post-consumer resin to create new pellets. More than half of the company's output is exported outside of Quebec. The company is located southeast of Montreal and near the Vermont border.
The company recycles polyethylene, polypropylene and polystyrene.