Infinity Recycling, a growth capital firm that invests in advanced plastic recycling technology, has announced that its Circular Plastics Fund (CPF) has reached EUR 105 million in committed capital.
The latest round of funding comes from the European Investment Fund (EIF) and Bangkok-based GC Ventures. These investments bring Infinity Recycling closer to its target of EUR 150 million which it expects to close by the end of the year. The fund ‘supports companies with scalable technologies that need financing for the industrial and commercial scale-up of their operations’.
EIF has invested EUR 50 million with the support of the European Investment Bank and the InvestEU programme, which is mobilising funds towards EU policy priorities in the 2021-27 period. EIF says that CPF’s focus on advanced recycling processes will enable recycled plastic to regain ‘virgin-equivalent properties’ and play a role in improving industry circularity.
According to EIF’s ceo Marjut Falkstedt, innovation is important in finding new ways to mitigate plastic use. ‘The proportion of plastic packaging that is recycled is still far too low,’ he says. ‘A lot can be achieved by changing our habitsl but innovation is key to finding new ways of dealing with structural plastic use and making sure we use every piece of plastic as many times as possible.
Meeting people’s needs
GC Ventures is a petrochemical and refining business, founded in 2011 and aligned with the Paris Agreement. Kamel Ramdani, senior vice president of the company, says that sustainability is key to the business’ operations and commitments. ‘Applying the circular economy principle to closed-loop plastic waste management, recycling, and upcycling is mandatory.This includes developing new solutions through innovation and their market impact to better meet people’s needs.’