United Kingdom – Petrochemicals firm InterChem has invested US$ 1.4 million in Recycling Technologies, a UK specialist in the chemical recycling of mixed plastic waste.
Recycling Technologies began a fundraising campaign on the crowdfunding platform Crowdcube a month ago and has since attracted ‘considerable support’ from over 1400 investors, states company ceo Adrian Griffiths.
InterChem was the single biggest investor, with total financing currently at around £3.5 million (US$ 4.9 million).
‘In a world where only 10% of valuable plastic waste materials are recycled each year, our innovative RT7000 machine recycles every kind of plastic, even the supposedly “unrecyclable” ones like films, coloured or laminated plastics,’ the entrepreneur explains.
The RT7000 effectively recycles the material into a valuable oil commodity called Plaxx which replaces fossil-fuel-derived feedstock in new polymer production and industrial waxes.
InterChem’s ceo Robert Langstraat comments: ‘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.’