Neste and Mirova back Recycling Technologies to accelerate transition to circular economy for plastic
Neste and Mirova have announced a combined €10 million investment into Recycling Technologies, with the aim of accelerating the development of chemical recycling and fostering the transition to a circular economy for plastic.
The investment, consisting of €5 million from Neste and €5 million from Mirova through the Althelia Sustainable Ocean Fund, provides the capital to start building Recycling Technologies’ first commercial RT7000 machine in Scotland.
The RT7000 is a scalable patented technology that recycles mixed plastic waste in to waxes and petrochemical feedstocks, called Plaxx, for new plastic production.
It enables the creation of value form plastic waste, which is today difficult or impossible to recycle with mechanical recycling, and is therefore currently disposed of through landfilling, incineration, or is exported.
To complement the investment, Neste has signed a joint technology agreement and a Plaxx offtake agreement with Recycling Technologies.
This will bring Neste’s know-how and extensive expertise in dealing with low-quality waste and residu eraw materials into the collaboration aiming to accelerate the deployment of chemical recycling capacity in Europe.
Mercedes Alonso, Executive Vice President for Renewable Polymers and Chemicals at Neste, said: “Neste is committed to developing solutions to accelerate plastics recycling. Collaboration with Recycling Technologies enables us to accelerate the development of one of the very promising chemical recycling technologies.”
“It also complements the partnerships we have already established with other forerunner companies within the plastics value chain. Together, we continue to develop scalable chemical recycling solutions to the global plastic waste challenge with great speed.”
Simon Dent, Blue Investment Director at Mirova Natural Capital, said: “There are more than eight million tonnes of plastic entering our oceans every year, so we are very excited to support Recycling Technologies, an innovative company providing solutions to make plastic more sustainable.”
“Creating circular value from plastic waste is a necessary step to help cut the scourge of plastic pollution reaching our oceans. The RT7000 machine will represent a solution for both developed and developing countries to quickly address plastic recycling.”
Adrian Griffiths, Founder and CEO of Recycling Technologies, said:” “We are delighted to have secured this important investment in Recycling Technologies by Neste and Mirova, leaders in renewable products and sustainable investments. This shows the value and foresight of industry and finance collaborating to provide strategic and profitable circular solutions for plastic waste.”
“Mirova’s expertise as pioneers in many areas of sustainable finance supports Recycling Technologies’ plans to provide a long-term solution to plastic waste. Neste’s investment, technical skills, and commitment to build recycling capacity provides a valuable and defined market route for Plaxx into recycled plastic.”
“One of our goals is to help the UK plastics pact meet their 2025 targets for 30 per cent average recycled content across all packaging. This can be achieved by combining existing mechanical technology and new scalable chemical recycling capacity.”