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Cover Technologies ( (TSE:PLAS) ) has shared an announcement.
PlasCred Circular Innovations Inc. has secured up to $2.35 million in non-dilutive advisory services and funding from the National Research Council of Canada Industrial Research Assistance Program to advance its Neos commercial facility. Neos is designed to process about 100 metric tonnes of mixed plastic waste per day into refined hydrocarbon condensate, scaling up the company’s original Primus pilot plant.
The IRAP funding will support engineering, staffing, and operating activities as PlasCred moves Neos through commercial development and detailed design. Previously announced government support, including $5 million in grants from Emissions Reduction Alberta, is expected to become available once construction begins, while the company continues to seek additional financing under an engagement with PwC to fully fund the facility’s build-out.
More about Cover Technologies
PlasCred Circular Innovations Inc. is an Alberta-based advanced recycling company developing modular facilities that convert mixed plastic waste into refined hydrocarbon condensate. Its output is intended for use in virgin plastic production, petrochemical feedstock, and upstream energy applications, positioning the firm in the circular plastics and low-carbon materials market.
Average Trading Volume: 265,136
Technical Sentiment Signal: Buy
Current Market Cap: C$9.7M
See more insights into PLAS stock on TipRanks’ Stock Analysis page.