Swindon, 6 March 2018 – Today, Recycling Technologies, a specialist in the chemical recycling of mixed plastic waste, announces a major strategic £1m equity investment from global energy trader, InterChem.
Recycling Technologies began a fund raising on the crowdfunding platform, Crowdcube, on February 16th 2018 . This fund raising 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 £3.4 million, which is very close to Recycling Technologies’ current cap of £3.7 million.
In a world where only 10% of valuable plastic waste materials are recycled each year, Recycling Technologies’ innovative 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.
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.”
Mr Robert Langstraat, CEO, InterChem, said:
“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.”
This press release has also been featured in the following publications:
Notes to editors:
About Recycling Technologies
Recycling Technologies Ltd is creating value in residual plastic waste on a global scale. Recycling Technologies has developed a process to economically recycle mixed plastic waste – that is currently disposed of in landfill or incinerators – into a valuable hydrocarbon product, named Plaxx®, with multiple uses in the wax, fuel and petrochemical sectors. Award-winning Plaxx® can be used by polymer manufacturers to make new plastic thereby propelling plastic into the circular economy. Some of the UK’s leading experts in engineering, energy, waste management and commercial operations make up the Recycling Technologies team and board. Recycling Technologies’ chemical recycling process has been built into a modular machine, the RT7000, that will be mass produced and transported to existing recycling facilities around the world. With an innovative distributed approach, Recycling Technologies has the potential to quickly scale to a meaningful global presence in the world of plastics recycling. For further information, please visit www.recyclingtechnologies.co.uk
InterChem is a trusted business partner in the petroleum and petrochemical industry, serving a global client base. It’s industry experts each have more than 30 years of experience in the sector. As a result, it has in-depth knowledge of the market, and long-term relationships with its clients. It’s expertise in financing, storage, blending and logistics enables the company to deliver the solution you need.
InterChem’s experts live and work in the key strategic cities, so we can move quickly to source and market products for you. The company has revenues of $3.3bn and has grown by 535% since 2000, operating from 10 storage locations worldwide. InterChem has taken great care with the locations of its blending, processing and storage facilities, to ensure these are easily accessible. The company’s focus is all the time on reducing costs and improving efficiencies.
Business partners include traditional oil majors, large trading houses and end-consumers of petroleum and petrochemical products.
InterChem’s aim is to use its expertise and global relationships to deliver the solution you need. www.interchem.sg
Recycling Technologies Media Office
Tel: + 44 (0) 1189 497 736
Recycling Technologies Media Office
Tel: + 44 (0) 1189 497763