Recycling Technologies is to receive a €10-million investment from renewable diesel and jet fuel company Neste and sustainable investment manager Mirova, it has been announced today (9 March).
The investment, consisting of €5 million from Neste and a further €5 million from Mirova through the Althelia Sustainable Ocean Fund, aims to accelerate the development of chemical recycling and drive the transition to a circular economy for plastic.
The €10-million fund will allow Swindon-based Recycling Technologies to build its first commercial RT7000 machine in Scotland – technology that recycles non-recyclable plastic products, such as black plastic, into a crude oil equivalent, trademarked as PlaxxⓇ, for new plastic production.
In addition to the investment, Neste has signed a joint technology development agreement and a PlaxxⓇ offtake agreement with Recycling Technologies in order to collaborate in the acceleration of Europe’s chemical recycling capacity.
Neste recently announced that it is aiming to process over one million tonnes of waste plastic annually from 2030 in order to introduce it as a raw material for chemicals and new plastics.
Commenting on the investment, Adrian Griffiths, CEO and Founder of Recycling Technologies, said: “We are delighted to have secured this important investment in Recycling Technologies by Neste and Mirova, leaders in renewable products and sustainable investments. This shows the value and foresight of industry and finance collaborating to provide strategic and profitable circular solutions for plastic waste.
“Mirova’s expertise as pioneers in many areas of sustainable finance supports Recycling Technologies’ plans to provide a long-term solution to plastic waste. Neste’s investment, technical skills and commitment to build recycling capacity provides a valuable and defined market route for PlaxxⓇ into recycled plastic.
“One of our goals is to help the UK plastics pact meet their 2025 targets for 30 per cent average recycled content across all packaging. This can be achieved by combining existing mechanical technology and new scalable chemical recycling capacity.”
Mercedes Alonso, Executive Vice President of Renewable Polymers and Chemicals at Neste, commented: “Neste is committed to developing solutions to accelerate plastics recycling. Collaboration with Recycling Technologies enables us to accelerate the development of one of the very promising recycling technologies.
“It also complements the partnerships we have already established with other forerunner companies within the plastics value chain. Together, we continue to develop scalable chemical recycling solutions to the global plastic waste challenge with great speed.”
Simon Dent, Blue Investment Director at Mirova Natural Capital, added: “There are more than eight million tonnes of plastic entering our oceans every year, so we are very excited to support Recycling Technologies, an innovative company providing solutions to make plastic more sustainable.
“Creating circular value from plastic waste is a necessary step to help cut the scourge of plastic pollution reaching our oceans. The RT7000 machine will represent a solution for both developed and developing countries to quickly address plastic recycling.”
In November 2018, Recycling Technologies opened a 25,000 square metre facility in Swindon to manufacture the company’s RT7000 machines, claiming that the facility will triple Europe’s waste plastic recycling capacity.
This was followed by the announcement of a partnership between Recycling Technologies and Swindon Borough Council to develop a ‘first in England’ advanced plastic recycling facility using the company’s RT7000 machine.
In December, the company joined forces with energy company Total and global brands Nestle and Mars to develop an industrial chemical recycling industry in France.
You can find more information on the Recycling Technologies website.