What UpSolv does

UpSolv Solving Plastic is a Montreal-based clean technology company, founded in 2011 (formerly Polystyvert, rebranded April 2025), that has developed a proprietary dissolution and purification recycling platform for thermoplastics. The four-stage process selectively dissolves shredded or densified plastics in a closed-loop solvent system, filters out solid impurities (other plastics, cardboard, labels), purifies the solution to remove soluble contaminants (dyes, odors, flame retardants such as HBCD), and recovers purified resin pellets while regenerating the solvent. The platform supports polystyrene (PS, HIPS), ABS, and polyolefins (PE, PP, PC), and is differentiated by the ability to retain functional additives on demand and produce resin with up to 100% recycled content suitable for direct food-contact applications, as confirmed by an FDA No Objection Letter received in April 2025.

UpSolv sells custom-purified recycled resins into six verticals — packaging (food-grade HIPS/GPPS, dairy, yogurt cups), pharmaceutical, automotive, electronics, construction (EPS/XPS insulation with flame retardant removal), and toys — with named customers/partners including BEWI/Berga Recyclage. The go-to-market combines direct resin sales (with multi-year contracts and offtake agreements) at the pre-commercial Montreal facility and, from February 2026, at the first full-scale commercial plant in Quebec's Eastern Townships (11,000 tonnes/year capacity, ~$40M investment), alongside a global technology licensing model intended to replicate the plant through licensees after commercial proof-of-concept.

The company is venture-backed, having closed a $16M+ first tranche of Series B funding in July 2024 (led by Infinity Recycling, with SWEN Blue Ocean and Earth Foundry; target up to $30M total), received a $3.5M SDTC grant in 2022, and accumulated prior funding from Cycle Capital, Energy Foundry, Anges Québec, BDC Capital, and others. Total headcount sits in the 11–50 range with a recently expanded executive team (new CCO Rahul Rasal, ex-NatureWorks/3M/ExxonMobil; new Interim CFO Mark Netto). The IP portfolio comprises more than 40 patents in 17 countries, and the company has received recognition including the WEF Technology Pioneer designation (2022), Clean50 (2021), EnviroLys (2023), and the Mission Innovation Net-Zero Industries Award (2024).

Name

UpSolv

Legal name

UpSolv Solving Plastic

Website

https://upsolv.ca

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

UpSolv is a Montreal-based clean tech company that uses proprietary dissolution and purification technology to recycle contaminated thermoplastics (PS, HIPS, ABS, PE, PP, PC) into virgin-like, FDA-cleared food-grade resins for packaging, automotive, electronics, pharmaceutical, construction, and toy manufacturers, with global technology licensing planned.

Ownership category

akta.pro rank

Product category

Plastic Recycling & Recycled Resins

NAICS

Plastics Material and Resin Manufacturing (325211)

SIC

Plastic Materials, Synth Resins & Nonvulcan Elastomers (2821), Plastic Material, Synth Resin/Rubber, Cellulos (No Glass) (2820)

akta.pro primary industry

Reprocessed Resin & Recycled Polymer Compounding (PCR/PIR Compounds) (IMANAMAG)

akta.pro secondary industries

Recycled & Reprocessed Polymer Resin Manufacturing (rPET, rPP, rPE; PCR/PIR resins) (IMANAAAH), Extruded Polystyrene (XPS) Foam Manufacturing (IMANAIAB), Biodegradable Polymers & Resins (PLA, PHA, PBS, PBAT) (IMAEAOAA)

Keywords

• Plastic recycling technology
• Thermoplastic dissolution purification
• Recycled polystyrene resin
• Food-grade recycled plastics
• Advanced chemical recycling

Headquarters

HQ city

Anjou

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Supply Chain, Infrastructure, Marketing or Sales

Revenue model

1. Technology Licensing: Primary business model revolves around selling licenses for proprietary dissolution and purification technology. Company builds first commercial plant as proof of concept, then licenses technology globally for replication of full-scale plants worldwide.
2. Recycled Resin Sales: Direct sales of recycled polystyrene (rPS) and other purified resins produced at commercial facilities. Company produces and sells recycled resin to manufacturers while also pursuing off-take agreements with partners.
3. Government Grants and Support: Non-dilutive funding from government programs including SDTC, Quebec government support for commercial plant construction.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

UpSolv operates a proprietary dissolution and purification recycling technology platform that converts contaminated thermoplastics (PS, HIPS, ABS, PE, PP, PC) into virgin-like recycled resins. The company produces and sells custom-purified recycled resins directly to manufacturers in packaging, automotive, electronics, construction, pharmaceutical, and toy industries, and licenses its technology globally for replication of full-scale commercial plants.

Product overview

UpSolv offers a unified technology platform for recycling thermoplastics via dissolution and purification. The core platform selectively dissolves contaminated plastics in a closed-loop solvent system, then filters and purifies them to remove solid and soluble contaminants while preserving polymer chains intact, regenerating them to virgin-like quality. The platform supports multiple resin outputs including recycled polystyrene (rPS) and recycled ABS, which are sold as custom-purified resins for industries including packaging, construction, electronics, automotive, pharmaceuticals, and toys. UpSolv operates pilot and pre-commercial facilities in Montreal and is developing its first full-scale commercial plant in Quebec's Eastern Townships. The company holds FDA clearance for food-grade recycled polystyrene. The Roland Côté R&D Center supports continued development and customer testing. The offering is structured around proprietary patented technology (40+ patents in 17 countries) as both a product (resin) and a licensing model for global deployment.

Differentiator

Problem solved

Functional benefit

Products and services

• Dissolution and Purification Recycling Technology Platform A proprietary physical recycling technology platform that selectively dissolves shredded or densified plastics in a solvent, then removes both insoluble and soluble contaminants (graphite, pigments, lime, HBCD, dyes, odors) through filtration, purification, and separation steps, recovering polymer chains intact and regenerating plastics to virgin-like quality. Applicable to PS, HIPS, ABS, PE, PP, and PC thermoplastics.
• Recycled Polystyrene (rPS) Resin High-quality recycled polystyrene resin produced at commercial scale via dissolution and purification, engineered for high-stress and performance end uses including protective helmets, surfboards, packaging, and insulation. Available with up to 100% recycled content as a drop-in resin.
• Recycled ABS Resin High-quality recycled ABS (Acrylonitrile Butadiene Styrene) resin produced via dissolution and purification, with properties equivalent to virgin resin. Target applications include automotive parts, electronics, toys, and small household appliances.
• Food-Grade Recycled Polystyrene (FDA-Cleared) Recycled polystyrene resin cleared by the U.S. FDA (No Objection Letter) for direct food-contact applications, including yogurt cups and other food packaging formats. Produced via UpSolv's patented dissolution and purification process, demonstrated in monolayer structures with 100% recycled content passing stringent challenge and migration tests.
• Commercial Polystyrene Recycling Plant (Eastern Townships) UpSolv's first full-scale commercial recycling plant under development in Quebec's Eastern Townships, designed to treat 11,000 tonnes of polystyrene waste annually, offering high-quality recycled resin at competitive prices to local and international clients. Operational targeted within approximately 18 months of February 2026 commercial launch announcement.
• Custom-Purified Recycled Resins Tailored purified resins produced via UpSolv's dissolution and purification process, suitable for high-performance and food-contact applications. The process removes solid and soluble contaminants while retaining functional additives on demand, producing recycled resins matching virgin-plastic characteristics with up to 100% recycled content.

Quantifiable outcome

• Up to 90% reduction in greenhouse gas emissions compared to virgin plastic production
• +3 more outcomes

Named customers2 records

Segments6 records

Ideal customer profiles7 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core and supporting.

• BEWI / Berga RecyclagecoreStrategic or Co-development Partner · 27 February 2024Strategic partnership from 2021 with BEWI investment. Successfully demonstrated post-consumer polystyrene recycling for same applications as virgin plastic. BEWI Circulaire committed to recovering 45,000 MT of polystyrene globally in 2024. Berga plays central role in polystyrene collection and recycling supply chain in Quebec.
• Styrenics Circular Solutions (SCS)coreStrategic or Co-development Partner · 1 September 2022Value chain initiative for circular economy of styrenics. Engages entire value chain in development and industrialization of new recycling technologies. SCS membership supports dissolution technology deployment and positions company as active member in styrene-based plastics circular economy.
• RECYC-QUÉBECsupportingStrategic or Co-development PartnerEssential partner for sustainable waste management in Quebec. Has continually supported UpSolv's initiatives since inception. Provides expertise and vision for ecological transition.
• COEXPANsupportingStrategic or Co-development PartnerStrategic partnership announced for polystyrene recycling collaboration.
• Unreasonable GroupsupportingStrategic or Co-development PartnerPartner supporting entrepreneurs solving global challenges. UpSolv part of Unreasonable network.

Scale indicators8 records

Recent moves7 records

Expansion highlights7 records

Emerging players

• Carbios: Carbios develops enzymatic recycling technology to depolymerize PET into purified monomers, and is licensing this process globally. Like UpSolv, it pursues a licensing-led business model in advanced plastics recycling, making it a structurally comparable emerging player.
• PureCycle Technologies: PureCycle uses a proprietary solvent-based purification process (licensed from P&G) to recycle polypropylene to virgin-like quality. While focused on PP rather than PS, it is the most directly analogous solvent-purification recycling model to UpSolv's platform.
• Loop Industries: Loop Industries uses a proprietary depolymerization process to break down PET plastic and polyester fiber waste into purified monomers. While focused on PET rather than PS, it competes for the same brand-owner sustainability budgets and licensing partners.

Broad incumbents

• Eastman Chemical Company: Eastman has launched its 'Eastman Renew' portfolio of recycled plastics using both methanolysis (PET) and polyester renewal technology. As a major incumbent chemical company with deep pockets, it represents the scaled, capital-rich competitive threat in chemical recycling.
• Trinseo: Trinseo is a global materials company producing polystyrene resins and styrenics with a growing portfolio of recycled-content PS offerings. As an incumbent PS supplier expanding into recycled content, it is both a potential customer and competitor to UpSolv.
• INEOS Styrolution: INEOS Styrolution is one of the world's largest producers of styrenics (PS, ABS, SBS), and a direct UpSolv target customer and competitive reference point. Its Styrolution Eco line of mechanically recycled PS overlaps with UpSolv's downstream market.
• TotalEnergies / Total Petrochemicals (Styrenics): TotalEnergies produces polystyrene and other styrenics, including recycled-content offerings, and is a member of Styrenics Circular Solutions (SCS) alongside UpSolv. Represents the integrated-oil major competitive and partnership dimension in the styrenics recycling market.

Others

• BEWI ASA: BEWI is a major European producer of EPS/XPS insulation and packaging and is both an UpSolv strategic investor (since 2021) and key offtake partner for recycled PS. It is included as a peer given its central role in the polystyrene recycling value chain in which UpSolv operates.

Direct peers

• Plastic Energy: Plastic Energy operates commercial-scale advanced/chemical recycling plants converting mixed plastic waste back to feedstock via pyrolysis. It directly competes with UpSolv in providing recycled plastic feedstock/resin for brand owners' sustainability commitments.
• Agilyx: Agilyx operates a chemical (dissolution and depolymerization) recycling platform targeting polystyrene and other plastics back to virgin-equivalent monomers/resins. It is the closest direct competitor to UpSolv in the rPS chemical-recycling space.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/watch?v=TxumkM_DACc
• LinkedInlinkedin.com/company/upsolvtechnologies

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Funding overview

Funding rounds6 records

Investors13 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about UpSolv