€6m investment: scaling a sustainable solution for plastics recycling — | Transformative Technology Innovations
Summary
We have successfully raised 6m in investments, with 5m from Infinity Recyclings Circular Plastics Fund (CPF), to support the design and construction of our first at-scale demonstration plant located at the Brightlands Chemelot Campus, Geleen, NL.The demand for plastics has never been greater. McKinsey has forecast that by 2050 more than 30% of the global polymer (plastic) demand will be met from advanced recycling (which includes chemical recycling).We divert end-of-life plastics from landfill and incineration, reducing consumption of crude oil. The proprietary pyrolysis process developed by Itero converts plastic waste into high-value chemical products. The funding will also support further research and development at Iteros UK pilot plant at Iver, near Heathrow.Itero CEO, Mr 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. The CPF, an Article 9 dark green impact fund which is the highest designation under the EUs Sustainable Finance Disclosure Regulation (SFDR), is committed to driving ESG impact.