Swindon-based waste-to-energy pioneer Recycling Technologies is seeking £10m to take the business to the next level.
The innovative firm makes machines that convert waste plastic to oil. After developing its technology for several years, it is testing its first commercial machine.
It sees a huge market for the machines, which convert mixed plastic waste (MPW) which usually goes for landfill or incineration into PlaxOil, a clean heavy fuel oil (HFO) alternative.
Known as Plaxx, this can be used as a fuel in combined heat and power (CHP) plants or in production of other plastics. The units are capable of processing up to 7,000 tonnes of waste a year.
Unlike other waste streams such as glass, paper and separated plastics such as PET and HDPE most MPW is currently not recycled.
In the EU alone, more than 47m tons of waste plastic is produced each year. Of this, around 13% is recycled. A further 18% is burned to access its potential energy.
But the vast majority is sent to landfill – and with the number of these sites dwindling, transporting it adds to its carbon footprint.
The new funding round comes shortly after an unnamed private investor acquired the stake in South Marston-based Recycling Technologies held by EcoMachines Ventures, a specialist investor in energy and industrial hi-tech companies.
EcoMachines Ventures made its original investment two years ago, providing seed capital for its technology. It subsequently provided follow-on funding and further support to help bring Recycling Technologies’ technology to market.
It also provided advice on accessing target markets and scaling the firm’s circular economy model for the UK and overseas.
Recycling Technologies chairman John Clarkson said: “Over the past three years, Recycling Technologies has developed the process successfully and the first commercial rig is currently undergoing testing.
“There has been a high level of interest and demand from all sectors of the market. In addition to the anticipated business success, the process delivers huge environmental benefits.
“The investment by EcoMachines Ventures has been very helpful for Recycling Technologies and in addition to the funding support, we have benefited from their advice, contacts and marketing expertise. For the next stage of the business roll-out, Recycling Technologies is currently sourcing a £10m funding round with PwC, corporate finance advisors.”
No financial details of EcoMachines’ investment in Recycling Technologies have been disclosed.
EcoMachines Ventures CEO Dr Ilian Iliev said: “We invested in Recycling Technologies because they provide an innovative and practical solution to the world's pressing plastic waste problem.
“Plastic is one of humanity’s most useful inventions, yet plastic waste is one of today’s major environmental pollution problems. We are proud of the developments made at Recycling Technologies and leave the business in excellent shape for the future commercial roll-out of their technology.”
Pictured: Recycling Technologies innovative modular solution which converts mixed plastic waste into a clean heavy fuel oil
