Plastic Energy has completed a significant capital raise of €145m from three separate investors: LetterOne, Axens and M&G. Morgan Stanley acted as financial advisor and placement agent to Plastic Energy on the capital raise.
Plastic Energy
Plastic Energy acquires funds to accelerate expansion of recycling technology and plants
Plastic Energy is headquartered in the UK with two operational plastic-to-plastic chemical recycling plants in Spain, and several plants currently under construction in France and the Netherlands.
Plastic Energy has agreements with key players in the chemical sector, such as SABIC, TotalEnergies and ExxonMobil, and recycled plastic made from its process has already been incorporated into packaging and products for brands such as Unilever and Tupperware.
Funds raised will be used to accelerate Plastic Energy’s growth and enable it to expand its technology and global portfolio of recycling plants.
Carlos Monreal, Founder and CEO of Plastic Energy, said: “I am excited to announce Plastic Energy’s successful institutional fundraise and new investors, which will ensure our company’s success for the future. It is encouraging to have the support of these global companies who share our vision in reducing plastic waste and have confidence in our patented and proven chemical recycling technology. This investment will have a big impact, enabling us to recycle more plastics globally and build a more sustainable and circular economy.”
Among the new investors is LetterOne, an entrepreneurial UK-based firm investing through its L1 New Energy arm, making investments in the energy transition.
Headquartered in France, Axens is a worldwide provider of technologies, products, services and equipment, for the production of cleaner, renewable, gas, fuels and chemicals. In addition to Axens’ direct investment in Plastic Energy, Plastic Energy and Axens have also agreed upon a strategic collaboration for the worldwide marketing and licensing of Plastic Energy’s chemical recycling technology.
Global investment management firm M&G also joins Plastic Energy as an investor. The firm’s strong focus on sustainable, planet-centric investments provides additional drive to Plastic Energy’s mission.