A Swindon company whose innovative new technology converts plastic waste back into oil has launched a £1.3m crowdfunding campaign.
In February, Recycling Technologies raised £3.7m on Crowdcube to support the opening of a 25,000 sq ft Recycling Technologies facility in Swindon and to secure planning permission for a commercial machine to be installed at the Binn Ecopark waste site in Perthshire in 2019.
The recent closure of Asian export markets for waste plastic, UK landfill taxes and public outcry at plastic pollution, are encouraging the plastic and packaging industry to increase the use of recycled plastic in its packaging and products.
And the company was buoyed the by Chancellor of the Exchequer's pledge in the last budget to to tax plastic packaging made with less than 30 percent recycled content.
Recycling Technologies innovative RT7000 turns otherwise un-recyclable plastics – food pouches and crisp packets – back into the oil from which they are derived. The oil, called Plaxx, can then be made into new plastic products.
If successful, its second crowdfunding campaign will see the first 12 RT7000s rolled out across the UK and internationally.
Adrian Griffiths, CEO of Recycling Technologies, said: "Waste companies in the UK are paying around £100 per tonne for the disposal of plastic waste to landfill and incineration.
"With an RT7000, waste operators can turn this plastic waste liability into a valuable revenue stream from Plaxx estimated to be valued today around £300 per tonne.
"These attractive economics are projected to offer machine operators a less than three-year payback.
"The results of the testing of our pre-production Beta Plant in Swindon have been strong and are generating significant levels of interest from waste sites looking to become an early adopter of this commercial solution to turn waste plastic in a valuable asset."
Recycling Technologies aims to install capacity to recycle 10 million tonnes of plastic by 2027, producing 7 million tonnes of Plaxx annually to replace fossil oils. This target will more than triple Europe’s current waste plastic recycling capacity.
The company plans to provide jobs in high-value manufacturing as well as apprenticeships and by the end of 2026 is planning to employ more than 600 staff as it expands its operations across all functions.