Plastic recycling tech start-up secures Series A funding
Summary
ReVentas has secured Series A funding to help scale up its plastic recycling technology from pilot plant to commercial operation over the next three years.The round - for an unspecified amount - was backed by Orlen VC, Beiersdorf Venture Capital and Scottish Enterprise.The Livingston-based company tackles polyethylene (PE) and polypropylene (PP), which make up more than half of all plastic produced. ReVentas technology uses a chemical solvent to rapidly dissolve them, filtering the plastic of all contaminants - including colour and odour - to produce a like-new plastic which can be sold directly to end customers, replacing virgin plastic.The technology operates at low temperatures and pressures, reducing the cost of production making recycling more economically viable, whilst achieving an 80% reduction in carbon emissions over virgin plastic production.Chief executive Tom Rose commented: Plastics are an essential part of our world, but so far, the industry has failed to provide workable solutions at-scale to deal with the impact they have on our environment.ReVentas are providing a simple solution which can change this, ensuring the waste we produce today, can and will be directly used in the products we buy tomorrow.Derek Shaw, director of entrepreneurship and investment at Scottish Enterprise, said: Our investment support is focused on helping Scotlands most innovative and ambitious companies to grow and scale, creating impactful economic change.Beiersdorf Venture Capital and Orlen VC will join LG Chem and others as strategic partners of ReVentas to support the scaling-up of the technology.The new money should accelerate development of its first commercial, 10,000 tonne per annum plant, which is planned for operation in 2027 - and an additional 140,000 tonnes planned to be brought online by 2031.This investment highlights both the need for circular solutions in plastic recycling and the impact that can be made from partners along the whole value chain coming together to help solve a global problem.Marek Garniewski, president of the management board of ORLEN VC, said: EU regulations mandate that 10% of packaging materials must come from recycled sources by 2030.However, Europe faces significant shortages of high-quality secondary raw materials suitable for reuse in production.Meeting this obligation will be a challenge, but we see it as a business opportunity - through this latest investment in cutting-edge recycling technology, we aim to leverage it effectively.Dont miss the latest headlines with our twice-daily newsletter - sign up here for free.
Funding
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