UK-based chemical recycling of mixed plastic waste developers Recycling Technologies Ltd has announced a major strategic GBP 1 million (≈ EUR 1.12 million) equity investment from InterChem. Singapore-headed InterChem Pte Ltd is a global commodities trader that specialises in the financing, storage, blending, and logistics in the world-wide petroleum and petrochemical industry.
According to a statement, Recycling Technologies began fundraising on the crowdfunding platform, Crowdcube, on February 16, 2018. This fundraising has attracted considerable support from over 1 400 investors.
InterChem’s investment, on the same terms as existing and new Crowdcube investors, brings the total amount raised to date to just under GBP 3.4 million, (≈ EUR 3.8 million) which is very close to Recycling Technologies’ current cap of GBP 3.7 million (≈ EUR 4.14 million).
We see great value in Recycling Technologies’ solution for recycling plastic waste. The talented management team has 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, said Robert Langstraat, CEO, InterChem.
In a world where only 10 percent of valuable plastic waste materials are recycled each year, Recycling Technologies’ 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, called “Plaxx”, which replaces fossil-fuel derived feedstock in new polymer production and industrial waxes.
We are delighted to announce this important GBP 1 million (≈ EUR 1.12 million) 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, said Adrian Griffiths, CEO, Recycling Technologies.
