Infinity Recycling, Invest-NL and LyondellBasell has announced that they have invested in Pryme N.V., a cleantech company, located in Rotterdam, the Netherlands, through an investment consortium.
Consortium to invest 13 million Euros
The group of investors contributed nearly 13 million Euros of support the commercialisation of Pryme's pyrolysis process to convert used plastic into valuable products on an industrial scale.
Pryme is currently building an advanced recycling plant in Rotterdam that is expected to start production later this year and plans to build a second larger-scale plant in 2025.
Chris Herve, CEO of Pryme said:"We are excited to welcome this group of strong investors at our side. Just like earlier investments by Infinity Recycling and Stichting Multistrat opened doors and allowed us to gain important market knowledge, we expect our new investors to each bring valuable experience and perspective to further develop our technology. With this dedicated support comes responsibility and expectation to deliver – a challenge we gladly accept."
Pryme claims it has developed a new cost-effective approach to pyrolysis that allows used plastic to be recycled with a high conversion rate, on an industrial scale and with a lower carbon footprint. With the new capital, Pryme aims to accelerate the roll-out of this technology to help reduce the amount of plastic being incinerated or ending up in the environment.
Jeroen Kelder, Managing Partner, Infinity Recycling, added: "Infinity Recycling is pleased to announce that it has successfully assembled a strong consortium of investors to support its portfolio company Pryme in its next phase of growth. We are proud to have facilitated this important milestone for Pryme and are confident that this backing will be instrumental in its continued success."
Elisabeth Storm de Grave, Principal at Invest-NL, commented: "We are pleased to invest in Pryme in close cooperation with our portfolio fund Infinity Recycling and LyondellBasell. This investment round is a significant milestone for scaling up Pryme's advanced recycling capacities, which are critical to address those parts of the plastic waste streams that cannot be recycled through mechanical technologies. It clearly underlines the strong position of the Netherlands to address the plastic waste crisis."
"With increasing demand from society and customers for more circular products, we are thrilled to invest in fast-growing companies like Pryme to support the scale-up of new advanced recycling commercial operations and reduce the volume of used plastic sent to incineration," said Martino Gabellich, LyondellBasell Vice President Advanced Recycling and Low Carbon Solutions. "This investment supports our strategy to grow our circular and low carbon solutions , as we intend to use part of the pyrolysis oil produced from this new Pryme facility in our planned integrated hub in Cologne, Germany."