Plastic Energy, global leader in chemical recycling, has successfully completed a significant capital raise of €145 million from three separate investors: LetterOne, Axens and M&G. Morgan Stanley acted as financial advisor and placement agent to Plastic Energy on the capital raise.
Plastic Energy is headquartered in the UK with two operational plastic-to-plastic chemical recycling plants in Spain, and several plants currently under construction in France and the Netherlands. The company uses its unique and patented technology through a thermal anaerobic conversion (TAC) process to recycle 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.
Funds raised will be used to accelerate Plastic Energy’s growth and enable it to expand its technology and global portfolio of recycling plants.
Among the new investors is LetterOne, an entrepreneurial UK-based firm investing through its L1 New Energy arm, making investments in the energy transition.
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.
Global investment management firm M&G also join Plastic Energy as an investor. The firm’s strong focus on sustainable, planet-centric investments provides additional drive to Plastic Energy’s mission.