Plastic Energy has raised £124 million from three investors to accelerate its recycling technology.
The London-based firm has two operational plastic-to-plastic chemical recycling plants in Spain, and several plants currently under construction in France and the Netherlands.
The company’s patented thermal anaerobic conversion process recycles end-of-life plastics that would otherwise be destined for landfill, incineration or end up in the environment.
Recycled oils, called TACOIL, from Plastic Energy’s process are used in the creation of virgin-quality food-grade packaging, which benefits the circular economy.
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.
The funds raised from LetterOne, Axens and M&G will be used to accelerate Plastic Energy’s growth and enable it to expand its technology and global portfolio of recycling plants.
“I am excited to announce Plastic Energy’s successful institutional fundraise and new investors, which will ensure our company’s success for the future,” said Carlos Monreal, founder and CEO of Plastic Energy.
“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.
“Carlos Monreal and the management team at Plastic Energy have created a pioneering company with compelling growth potential,” said Tim Summers, managing partner of L1 New Energy.
“LetterOne is passionate about building better businesses. We bring an entrepreneurial mindset, long-term vison and active investment to drive sustainable value in the sectors that are vital to future prosperity.”
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, representing a major milestone in Axens’ ambition to develop and propose an extended portfolio of advanced technologies for the plastic circular economy.