Located at the Brightlands Chemelot Campus, the facility will have the capacity to treat 27,000 tonnes of leftover plastic trash per year, which is equal to the annual plastic packaging waste production of the city of Amsterdam
Itero Technologies has secured a €6m investment to construct Itero's first at-scale demonstration plant. (Credit: Shirley Hirst from Pixabay)
UK-based chemical recycling technology provider Itero Technologies has secured a €6m investment to construct the company’s first at-scale demonstration plant in Geleen, the Netherlands.
The investment was led by Infinity Recycling’s Circular Plastics Fund (CPF), which granted €5m to support the plant’s design.
Located at the Brightlands Chemelot Campus, the facility will have the capacity to treat 27,000 tonnes of leftover plastic trash per year, which is equal to the annual plastic packaging waste production of the city of Amsterdam.
Itero’s patented pyrolysis method lowers the amount of crude oil used in production by keeping end-of-life plastics out of landfills and incinerators and converting them into high-value chemical compounds.
Chemical products are utilised as feedstock to create polymers of virgin quality, which can be recycled repeatedly in the circular economy using the same method.
Itero CEO Simon Hansford said: “We are delighted that the significant potential of the technology developed by Itero is acknowledged by Infinity Recycling and other investors.
“Maintaining public goodwill and responding to environmental concerns about plastic waste, requires a process to recycle plastic safely, sustainably, and economically. Itero is working to provide a solution to that problem.”
The current investment continues the long-standing partnership between Itero and Infinity Recycling.
Infinity Recycling is a Rotterdam-based investment manager dedicated to assisting promising advanced recycling businesses with the upscaling and commercialisation of their technologies and expanding the market for recycled polymers.
The CPF is dedicated to advancing ESG impact and is an Article 9 “dark green” impact fund, the highest classification under the EU’s Sustainable Finance Disclosure Regulation (SFDR).
Infinity Recycling managing partner Jeroen Kelder said: “Infinity Recycling is excited to anchor this investment round and help Itero with the upscaling of its technology and process.
“We have known Itero and the team for over three years and have supported them in a wide range of areas.
“The Circular Plastic Fund’s capital commitment is the next step in our strong collaboration and paves the way for the next phase in Itero’s exciting evolution.”