Recycling Technologies’ crowdfunding campaign already exceeds £1.3m.
Swindon, 19th February 2018 – Just 10% of plastic that is produced globally is recycled, the rest ends up in landfills, is incinerated or lost in the environment, including our oceans. With demand for plastics growing exponentially, there is a pressing need to rapidly increase plastic recycling capability.
Swindon based Recycling Technologies has developed and patented a plastics recycling machine called the RT7000 that can convert plastic waste back into oil from which new plastics can be made. Due to the chemical nature of the recycling process, the RT7000 is able to recycle plastics currently considered unrecyclable such as plastic film, laminated food pouches and crisp packets and even black plastics.
To expand its operations and start the build of its first commercial machine to be installed in Scotland, Recycling Technologies launched a crowdfunding campaign on Crowdcube on Friday, with an aim to raise £1.2m. Today, we are delighted to announce that the crowdfunding has already exceeded the £1.3m level and remains open for overfunding.
Adrian Griffiths, CEO of Recycling Technologies said, “We want to thank our new investors; it is thrilling that there is so much interest in supporting our solution to the problem of plastic waste. Plastic waste is a valuable resource that has no place in landfill and our oceans. Waste site operators are crying out for attractive alternatives to the landfilling and incineration of mixed plastics, which today cost them £90-£130 per tonne for disposal. The RT7000 machine enables waste site operators to turn this plastic waste liability into a product, Plaxx® , which has a value of c.£300 per tonne. There is a growing pipeline of waste site operators interested in the RT7000. By the end of 2023 we are targeting sales of over 300 machines with revenues of around £440m. Each machine will provide its owner a payback in less than three years.”
“We all want to stem the flow of plastics into our oceans and recycle more. Crowdfunding enables everyone to be part of the Recycling Technologies’ solution,” explains Howard Lack, Chairman, Recycling Technologies. “We are delighted to have already attracted significant support, enthusiasm and backing from our growing community of investors. The crowdfunding will underpin our growth and the building of our first commercial RT7000 machine in Scotland this year.”
Recycling Technologies’ RT7000 is modular and will be mass-produced, enabling a low-cost and rapid roll-out of plastic recycling machines anywhere in the world. It will begin its operations in the UK providing a scalable solution to dealing with this country’s plastic waste. In the next ten years, the company plans to build capacity to recycle 10 million tonnes of plastic globally each year. This capacity will provide the plastics sector with 7mt of Plaxx® every year, replacing fossil-fuel based raw materials.
Damian Tuite, an existing investor, says: “The team at Recycling Technologies is highly motivated and experienced with a good blend of engineering and commercial expertise. I am pleased to continue to invest in Recycling Technologies as it achieves its business milestones. This is the most exciting period for the business as growth starts to accelerate given its ideal positioning to provide a commercial solution to the global problem of waste plastic.”
Recycling Technologies’ crowdfunding campaign represents a unique opportunity to be part of changing the story of plastic. Find out how to join a scalable, industrial solution to help solve the world’s plastic waste problem, at Crowdcube.
Investments of this nature carry risks to your capital as well as potential rewards.