VANCOUVER, BRITISH COLUMBIA (Oct. 3, 1:45 p.m. ET) — Polymer Research Technologies (PRT), which is active in the chemical recycling of polyurethane, beat 178 competitors to win $130,000 in the 11th Annual British Columbia Innovation Counsel's New Ventures Competition.
According to a Sept. 30 news release, PRT's technology takes pre- and post-consumer PU waste destined for landfill and recycles it into a non-toxic, high-quality and low-cost polyol product, called Recyclopol. This can be re-used in place of virgin polyol.
“Each year the quality of the companies that enter the competition goes up, making the decision for our jury a very difficult one,” said Bob de Wit, executive director of the New Ventures BC Society. “This year we chose PRT because, among the finalists, they are poised to make the biggest impact for positive change in society.”
The award “validates the years of work by our dedicated team and illustrates the tremendous market opportunity PRT is pursuing while providing an economical solution to the polyurethane waste problem as well as making a positive impact to our global environmental challenges,” said PRT founder and chief technology officer Kambiz Taheri.
PRT says its Recyclopol “solves several major polyurethane industry concerns.” First, by providing waste to PRT, polyurethane manufacturers no longer have to store the waste, transport it to landfills, or burn it. All of these processes are expensive and harmful to the environment.
Secondly, by purchasing Recyclopol as a substitute for virgin polyol, manufacturers are no longer susceptible to the fluctuations in polyol cost caused by the ever-changing price of crude oil, PRT claims.
And third, by substituting a lower-cost Recyclopol for virgin polyol, PRT says PU manufacturers are able to save “tens of millions of dollars per year.”
“The demand is there,” said Taheri. “We've had serious discussions with some of the largest companies in the industry. The benefits to the environment and to our customers are identifiable and quantifiable.”