Recycling Technologies, a company specialising in the chemical recycling of mixed plastic waste and based upon research originating at the University of Warwick, has announced that it has raised £3.7m in new investment including a major strategic £1m equity investment from global energy trader, InterChem.
Recycling Technologies began fund raising on the crowdfunding platform, Crowdcube, on February 16th 2018 and InterChem’s investment is on the same terms as existing and new Crowdcube investors.Recycling Technologies was established in 2011 to develop an idea originating at the University of Warwick to convert mixed waste plastic into a chemical feedstock using pyrolysis. The idea started as a research project led by Professor Jan Baeyens, a Visiting Professor at Warwick, along with the School of Engineering, and an early test rig was designed and developed. After the Warwick concept and research was transferred to Recycling Technologies, the development was supported by leading engineering partners and backed by grant and angel funding from the team and private investors, including from the Minerva Business Angel Network run by the University of Warwick Science Park.
Building on the original university research foundations, Recycling Technologies has now developed a modular machine, the innovative RT7000 which 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. In a world where only 10% of valuable plastic waste materials are recycled each year, Recycling Technologies’ machine offers a real solution to the problem of plastic waste.
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 one providing recycled product to polymer producers seeking a more sustainable value chain.
Adrian Griffiths, CEO, Recycling Technologies, said: “We are delighted to announce this important £1 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.”