The investment in Recycling Technologies is part of Neste and Mirova’s plans to accelerate the transition to a circular economy for plastic
The RT7000 technology is capable of recycling mixed plastic waste. (Credit: Neste Corporation)
Neste, a Finland-based provider of renewable diesel and renewable jet fuel, and Mirova, an investment firm and affiliate of Natixis Investment Managers, have invested €10m in Recycling Technologies, a provider of plastics recycling systems.
The move is part of Neste and Mirova’s efforts to accelerate the development of chemical recycling and accelerate the transition to a circular economy for plastic.
The investment, which is equally made by Neste and Mirova, will be used for the development of Recycling Technologies’ first commercial RT7000 machine in Scotland.
The RT7000 technology is designed to recycle mixed-plastic waste including hard-to-recycle plastic such as films, bags, laminated plastics into waxes and petrochemical feedstocks, known as Plaxx.
Plaxx is used for the production of new virgin quality plastics
The Plaxx is a recycled hydrocarbon feedstock that can be used for the production of new virgin quality plastics.
Neste renewable polymers and chemicals executive vice-president Mercedes Alonso said: “Collaboration with Recycling Technologies enables us to accelerate the development of one of the very promising chemical recycling technologies.”
Additionally, Neste has signed a joint technology development agreement and a Plaxx offtake agreement with Recycling Technologies.
The move is expected to bring Neste’s expertise in dealing with low-quality waste and residue raw materials into the partnership.
Recycling Technologies CEO and founder Adrian Griffiths said: “Mirova’s expertise as pioneers in many areas of sustainable finance supports Recycling Technologies’ plans to provide a long-term solution to plastic waste.
“Neste’s investment, technical skills and commitment to build recycling capacity provides a valuable and defined market route for Plaxx into recycled plastic.
“One of our goals is to help the UK plastics pact meet their 2025 targets for 30% average recycled content across all packaging. This can be achieved by combining existing mechanical technology and new scalable chemical recycling capacity.”
In November 2019, Neste has partnered with Belgian plastic producing company Ravago to develop chemical recycling of plastic waste.