Recycling Technologies, a specialist in the chemical recycling of mixed plastic waste, has successfully raised £3.7m in just over two weeks after they opened up to investors on Crowdcube for a target raise of £1.2m.
Recycling Technologies aims to create value in residual plastic waste, and they have developed a process to economically recycle mixed plastic waste that is currently disposed of in landfill or incinerators into a valuable hydrocarbon product, which they have named Plaxx.
They say this new product has multiple uses in the wax and petrochemical sectors.
Plaxx can be used by polymer manufacturers to return plastic back into the circular economy.
Their RT7000 machine recycles mixed plastic waste including those considered unrecyclable such as coloured and laminated plastics including crisp packets and food pouches.
Recycling Technologies has an aim to add 10m tonnes of plastic recycling capacity, worldwide, by installing 1,300 RT7000 machines by 2027.
Adrian Griffiths, CEO, Recycling Technologies, said:
“We are very grateful to all our investors for their tremendous support and thank them for their backing of the team at Recycling Technologies. This is an important first step to change the story of plastic providing a commercial solution to chemically recycle waste plastic currently blighting the World’s environment. We can now accelerate our operations and acquire a facility to assemble the RT7000 machines.”
For more information visit the Recycling Technologies website