Funding coup for PET recycling process

The Netherlands – A spin-off from the Eindhoven University of Technology and the Dutch Polymer Institute, chemicals company Ioniqa Technologies BV has finalised, along with venture capital investor Chemelot Ventures BV, a funding round for the upscaling of Ioniqa’s PET recycling process with additional commitment from existing shareholders for a combined investment of Euro 2.5 million.

Through the clean-tech process, all grades of PET are converted into ‘building blocks’ for virgin PET, even removing colour from PET materials which Ioniqa terms ‘the missing piece of the puzzle’ in terms of infinite PET recycling.

‘Chemelot Ventures’ contribution is a major milestone in the financing of Ioniqa’s upscaling to industrial level and building a (mini) plant,’ says Ioniqa’s ceo Tonnis Hooghoudt. The ‘game-changing’ chemical recycling process has attracted ‘strong interest from many stakeholders in the circular economy, including leading multi-nationals’, he adds.