Neste and Mirova back Recycling Technologies.
Neste, provider of renewable diesel and jet fuel, and Mirova, an impact investor in the natural capital space, announce a combined EUR 10 million investment into Recycling Technologies Ltd, a specialist plastic recycling technology provider. The aim is reportedly to accelerate the development of chemical recycling and foster the transition to a circular economy for plastic.
The investment, consisting of EUR 5 million from Neste and EUR 5 million from Mirova through the Althelia Sustainable Ocean Fund, provides the capital to start building Recycling Technologies’ first commercial RT7000 machine in Scotland. The RT7000 is a scalable patented technology that reportedly recycles mixed plastic waste into waxes and petrochemical feedstocks, trademarked as Plaxx, for new plastic production. It creates value from plastic waste, which is today difficult or impossible to recycle with mechanical recycling and is therefore currently disposed of through landfilling, incineration or exported, according to Neste.
To complement the investment, Neste signs a joint technology development agreement and a Plaxx offtake agreement with Recycling Technologies to accelerate the deployment of chemical recycling capacity in Europe. The investment follows Neste’s recent announcement of its aim to process over 1 million tons of waste plastic annually from 2030 onwards in order to introduce it as a raw material for chemicals and new plastics.
The Althelia Sustainable Ocean Fund’s investment into Recycling Technologies confirms the fund’s mission to finance scalable and impact-aligned businesses that provide innovative solutions to protect and restore oceans. The RT7000 machine is reportedly suited to addressing the plastic waste issues in Europe and other developed countries as well as in developing countries in line with Recycling Technologies’ aim to build projects in these regions.
For more information, visit: www.neste.us
