Recycling Technologies Announces a £1 Million Equity Investment from InterChem
Mar 07 2018 Read 303 Times
Recycling Technologies, a specialist in the chemical recycling of mixed plastic waste, announces a major strategic £1m equity investment from global oil trader, InterChem.
Recycling Technologies began a fund raising on the crowdfunding platform, Crowdcube, on February 16th 2018 . This fund raising has attracted considerable support from over 1,400 investors. InterChem’s investment, on the same terms as existing and new Crowdcube investors, brings the total amount raised to date to just under £3.4 million, which is very close to Recycling Technologies’ current cap of £3.7 million
In a world where only 10% of valuable plastic waste materials are recycled each year, Recycling Technologies’ innovative RT7000 machine recycles all types of plastics, including those consideredunrecyclable such as films, coloured and laminated plastics including crisp packets and food pouches. The RT7000, recycles this broad range of household plastic waste into a valuable oil commodity, called Plaxx®, which replaces fossil-fuel derived feedstock in new polymer production and industrial waxes.
InterChem is a global commodities trader that specialises in the financing, storage, blending and logistics in the world-wide petroleum and petrochemical industry. It is committed to backing innovative companies in the clean technology space, especially one providing recycled product to polymer producers seeking a more sustainable value chain.
Adrian Griffiths, CEO, Recycling Technologies, said:
“We are delighted to announce this important £1 million investment from InterChem We anticipate this investment will lead to further business opportunities with InterChem including the sale of Plaxx® to its polymer manufacturing client base. We are very grateful for the tremendous investor support from InterChem and all our investors from Crowdcube who will support the growth of the business to provide a commercial solution to chemically recycle waste plastic.”
Mr Robert Langstraat, CEO, InterChem, said: “We see great value in Recycling Technologies’ solution for recycling plastic waste. The talented management team have developed a commercially attractive solution to recycle plastic which has the potential to scale rapidly. We look forward to supporting Recycling Technologies to build a business that will provide industrial quantities of recycled plastic feedstock, critical for the future of plastics manufacturing.”
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