The funding will be used by the company to boost its growth, in addition to expanding the company’s technology and a global portfolio of recycling plants
Plastic Energy has two operational plastic-to-plastic chemical recycling plants in Spain. (Credit: Ben Kerckx from Pixabay)
UK-based chemical recycling company Plastic Energy has secured €145m in funding from three separate investors, LetterOne, Axens, and M&G.
Plastic Energy will use the funding to boost the company’s growth, as well as for the expansion of its technology and a global portfolio of recycling plants.
The company has two operational plastic-to-plastic chemical recycling plants in Spain. It is also involved in the construction of several plants construction in France and the Netherlands.
Using patented technology through a thermal anaerobic conversion, the company recycles end-of-life plastics that are expected to enter landfill, incineration or end up in the environment.
Recycled oils, dubbed TACOIL, extracted from the firm’s process are used to produce virgin-quality food-grade packaging, thereby supporting the circular economy.
Plastic Energy entered into agreements with companies in the chemical sector such as Sabic, TotalEnergies and ExxonMobil.
The recycled plastic produced using the company’s process was integrated into packaging and products for brands such as Unilever and Tupperware.
Plastic Energy founder and CEO Carlos Monreal said: “I am excited to announce Plastic Energy’s successful institutional fundraise and new investors, which will ensure our company’s success for the future.
“It is encouraging to have the support of these global companies who share our vision in reducing plastic waste and have confidence in our patented and proven chemical recycling technology.”
Through its L1 New Energy arm, LetterOne is investing in the company to support the energy transition.
France-based Axens provides technologies, products, services and equipment, for the production of cleaner, renewable, gas, fuels and chemicals.
Axens has also collaborated with Plastic Energy for the worldwide marketing and licencing of the firm’s chemical recycling technology.
M&G’s focus on sustainable and planet-centric investments will help accelerate Plastic Energy’s mission.
Morgan Stanley served as a financial advisor and placement agent to Plastic Energy on the capital raise.
In October last year, Nestle UK and Ireland collaborated with chemical recycling company Plastic Energy for the development of a recycling plant in the UK.