Recycling Technologies, a specialist in the chemical recycling of mixed plastic waste, has received £1m equity investment from global energy trader, InterChem.
Recycling Technologies started a crowdfunding drive in February, gaining considerable support from over 1,400 investors. InterChem’s investment, on the same terms as existing and new crowdfunders investors, brings the total amount raised to date to just under £3.4 million, close to Recycling Technologies’ cap of £3.7 million.
Recycling Technologies’ innovative RT7000 machine recycles all types of plastics, including those considered unrecyclable such as films, coloured and laminated plastics including crisp packets and food pouches. The RT7000, recycles this broad range of household plastic waste into a valuable oil commodity, ‘Plaxx’ which replaces fossil-fuel derived feedstock in polymer production and industrial waxes.
InterChem invests £1m in Recycling Technologies. Left to Right. From InterChem, Rob Langstraat – CEO, Jan Willem Muller – global head chemicals, Frank Aerts – business development, Guido Beusen – senior trader with, from Recycling Technologies, Paul Hodges, Board non-exec director and Adrian Griffiths, CEO
InterChem is a global commodities trader that specialises in the financing, storage, blending and logistics in the world-wide petroleum and petrochemical industry. It is committed to backing innovative companies in the clean technology space, especially providing recycled producst to polymer producers seeking a more sustainable value chain.
Adrian Griffiths, CEO, Recycling Technologies, said: “We are delighted to announce this important million pound investment from InterChem We anticipate this investment will lead to further business opportunities with InterChem including the sale of Plaxx to its polymer manufacturing client base. We are very grateful for the tremendous investor support from InterChem and all our investors from Crowdcube who will support the growth of the business to provide a commercial solution to chemically recycle waste plastic.”
Robert Langstraat, CEO, InterChem, said: “We see great value in Recycling Technologies’ solution for recycling plastic waste. The talented management team have developed a commercially attractive solution to recycle plastic which has the potential to scale rapidly. We look forward to supporting Recycling Technologies to build a business that will provide industrial quantities of recycled plastic feedstock, critical for the future of plastics manufacturing.”