UK plastic waste to chemical specialist, Recycling Technologies, has secured a strategic £1 million equity investment from global oil trader, InterChem.
The company began a fund raising on the crowdfunding platform, Crowdcube, on February 16th 2018. It said that th fund raising has attracted considerable support from over 1400 investors. InterChem’s investment, on the same terms as existing and new Crowdcube investors, brings the total amount raised to date to just under £3.4 million, which is very close to Recycling Technologies’ current cap of £3.7 million
According to Recycling Technologies, its RT7000 machine recycles all types of plastics, including those considered unrecyclable such as films, coloured and laminated plastics including crisp packets and food pouches.
The RT7000, recycles this broad range of household plastic waste into an oil commodity called Plaxx® which is said to replace fossil-fuel derived feedstock in new polymer production and industrial waxes.
InterChem is a global commodities trader that specialises in the financing, storage, blending and logistics in the world-wide petroleum and petrochemical industry. It is said that it is committed to backing innovative companies in the clean technology space, especially one providing recycled product to polymer producers seeking a more sustainable value chain.
“We anticipate this investment will lead to further business opportunities with InterChem including the sale of Plaxx® to its polymer manufacturing client base,” said Adrian Griffiths, CEO, Recycling Technologies.
Robert Langstraat, CEO of InterChem added: “We see great value in Recycling Technologies’ solution for recycling plastic waste. The talented management team have developed a commercially attractive solution to recycle plastic which has the potential to scale rapidly.”
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