Recycling Technologies agrees contracts with InterChem and Kerax worth over £65M

Recycling Technologies has announced a business alliance with InterChem worth over £50 million and the forward sale of its wax output worth £15 million to Kerax.

The relationship with InterChem includes an equity investment of £1 million and the forward sale of £50 million of the polymer proportion of Plaxx over the next five years.

Recycling Technologies says it has developed a machine, the RT7000, that can be easily sited at existing waste centres to recycle various types of plastics, including hard to recycle films, coloured and laminated plastics.

The RT7000, recycles a range of household plastic waste into a valuable oil commodity called Plaxx, which replaces fossil-fuel derived feedstock in new polymer production and synthetic waxes.

Recycling Technologies has forward sold the wax proportion of Plaxx to Kerax, a European manufacturer of blended and speciality performance waxes.

With £65 million contracted sales of Plaxx, the company says it is now talking to waste site operators to install its modular RT7000 to chemically recycle waste plastic that has been landfilled or sent to incineration.

Recycling Technologies is now establishing its assembly facility in Swindon to build up to 200 RT7000s per year to meet the anticipated demand, with the first 12 RT7000 machines now sold and will be installed in the UK and Northern Europe.

Adrian Griffiths, CEO at Recycling Technologies, said: “With the support of BEIS, Swindon Borough Council, Zero Waste Scotland and our investors, we have been able to develop the technology that recycles even the difficult plastic packaging wastes, crisp packets, black trays and laminated materials.”

Ian Appleton, CEO at Kerax added: “The supply of traditional waxes are set to decline sharply in the coming years. To have a source of wax from recycled plastic is a major innovation that fits in perfectly with our aim of supply source diversity.”