Chemical recycling technology provider Itero Technologies has received a €6m investment, with €5m from Infinity Recycling’s Circular Plastics Fund (CPF), to support the design and construction of Itero’s first at-scale demonstration plant located at the Brightlands Chemelot Campus, Geleen, The Netherlands.
Itero Technologies
Itero to scale plastic-to-product recycling with €6m investment, led by Infinity Recycling's Circular Plastics Fund
The plant will be able to process 27,000 tonnes of residual plastic waste annually, equivalent to the total amount of plastic packaging waste generated by the population of Amsterdam municipality per year. The proprietary pyrolysis process developed by Itero converts plastic waste into high-value chemical products while diverting end-of-life plastics from landfill and incineration, reducing consumption of crude oil. The chemical products are used as feedstock in the production of virgin-quality plastics, which can be retained again and again in the circular economy through the same process.
Itero CEO Simon Hansford said: “We are delighted that the significant potential of the technology developed by Itero is acknowledged by Infinity Recycling and other investors. Maintaining public goodwill and responding to environmental concerns about plastic waste, requires a process to recycle plastic safely, sustainably, and economically. Itero is working to provide a solution to that problem.”
The investment is the continuation of a longstanding relationship between Itero and Infinity Recycling, a Rotterdam-based investment manager focused on helping promising advanced recycling companies with the upscaling and commercialisation of their technologies and growing the market for recycled polymers. The CPF, an Article 9 ‘dark green’ impact fund which is the highest designation under the EU’s Sustainable Finance Disclosure Regulation (SFDR), is committed to driving ESG impact.
Jeroen Kelder, Managing Partner, Infinity Recycling B.V, added: “Infinity Recycling is excited to anchor this investment round and help Itero with the upscaling of its technology and process. We have known Itero and the team for over three years and have supported them in a wide range of areas. The Circular Plastic Fund’s capital commitment is the next step in our strong collaboration and paves the way for the next phase in Itero’s exciting evolution.”