Swindon, UK based Recycling Technologies (RT), a business specialising in the chemical recycling of mixed plastic waste, has formed an alliance with InterChem worth over £50 million in addition to the forward sale of its wax output worth £15 million to Kerax Limited.
The company explained that the relationship with InterChem includes an equity investment of £1m (announced in April 2018) and the forward sale of £50 million of the polymer proportion of Plaxx® over the next five years. This means that the output from the first 12 RT7000 machines to be installed in the UK and Northern Europe has now been sold.
RT specialises in the chemical recycling of mixed plastic waste. In a world where only 10% of valuable plastic waste materials are recycled each year, the company claimed that it has developed a machine, the RT7000, that can be easily sited at existing waste centres to recycle all types of plastics, including hard to recycle films, coloured and laminated plastics.
The RT7000 is said to recycle a broad range of household plastic waste into an oil commodity called Plaxx®, which replaces fossil-fuel derived feedstock in new polymer production and synthetic waxes.
InterChem is a global commodities trader that specialises in the logistics, shipping, storage, blending and financing in the global petroleum and petrochemical industry with offices around the world. It is committed to working with innovative companies in the clean technology space and providing recycled product to polymer producers seeking a more sustainable value chain.
Recycling Technologies added that it has forward sold the wax proportion of Plaxx to Kerax Limited, a European manufacturer of blended and speciality performance waxes.
Applications include waxes for packaging, candles, waterproofing, surface coatings and other uses. Exporting worldwide, Kerax Limited is seen as a leading innovator in the use of wax. From an early stage Kerax Limited has supported Recycling Technologies and its Chief Executive, Ian Appleton has personally invested in the aspirations of Recycling Technologies to recycle and reuse plastic waste.
With £65 million contracted sales of Plaxx, the company said that it is now talking to waste site operators to install its modular RT7000 to chemically recycle waste plastic that has historically been landfilled or sent to incineration.
Its first machine is planned to be installed later this year in Scotland and the company has had interest from sites in the UK and Northern Europe for the subsequent machines. Recycling Technologies is now establishing its assembly facility in Swindon to build up to 200 RT7000s per year to meet the additional anticipated demand for its distributed plastic recycling solution.
“We are delighted to be able to announce an important new strategic alliance with InterChem and the contract with Kerax, together worth over £65 million. With the support of BEIS, Swindon Borough Council, Zero Waste Scotland and our investors, we have been able to develop the technology that recycles even the difficult plastic packaging wastes, crisp packets, black trays and laminated materials. These partnerships secure the commercial outlet for Plaxx®,” said Adrian Griffiths, CEO, Recycling Technologies.
Robert Langstraat, CEO, InterChem added: “We see great value in building a partnership with Recycling Technologies as its talented management team has developed a commercial solution to recycle plastic.”
“We have agreed to purchase significant volumes of the fossil fuel alternative, Plaxx® for the next five years providing our clients with industrial quantities of recycled plastic feedstock critical for the future of plastics manufacturing,” he continued.
Ian Appleton, CEO Kerax commented: “The supply of traditional waxes are set to decline sharply in the coming years. To have a source of wax from recycled plastic is a major innovation that fits in perfectly with our aim of supply source diversity.”
“Not only that, it will offer our customers the opportunity to purchase waxes that will enhance the global environment. Kerax look forward to working with the Recycling Technologies team and InterChem to grow this opportunity,” concluded the CEO.
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