A Swindon company whose innovative manufacturing process can turn plastic packaging back into oil has secured €10 million of investment.
The investment in Recycling Technologies comes from Neste, the world’s leading provider of renewable diesel, renewable jet fuel, and an expert in delivering drop-in renewable chemical solutions, and Mirova, a pioneer impact investor in the natural capital space.
The aim is to accelerate the development of chemical recycling and foster the transition to a circular economy for plastic.
The investment will allow Recycling Technologies to start building its first commercial RT7000 machine in Scotland.
The RT7000 is a scalable patented technology that recycles mixed plastic waste into waxes and petrochemical feedstocks, trademarked as Plaxx, for new plastic production.
It enables the creation of value from plastic waste, which is today difficult or impossible to recycle with mechanical recycling, and is therefore currently disposed of through landfilling, incineration or exported.
Adrian Griffiths, CEO and founder of Recycling Technologies Ltd, said: "This investment 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 percent average recycled content across all packaging. This can be achieved by combining existing mechanical technology and new scalable chemical recycling capacity.”