Growth capital platform Infinity Recycling (IRC) has announced the final close of its Circular Plastics Fund I SCSp (CPF), exceeding the fund’s €150 million target and securing €175 million in committed capital from institutional investors and value chain partners worldwide.
The CPF, an Article 9 ‘dark green’ impact fund under the EU’s Sustainable Finance Disclosures Regulation, was established to help accelerate the world’s transition to a circular economy of materials. IRC says it does this by supporting advanced recycling technologies with scaling up technology and strengthening business propositions.
Since the fund’s last close in December 2024, IRC says it has welcomed investors including Dutch insurance group ASR, Danish philanthropic association Realdania, ING Sustainable Investments (the sustainable investments arm of ING), Danish investment and holding company KIRKBI, and the impact investment initiative of Swiss company Après-demain.
IRC states that this development coincides with the recent passing of the European Packaging and Packaging Waste Regulation (‘PPWR’), paving the way for advanced recycling to be counted as recycling. It adds that by valorising residual waste streams into primary commodities used in the production of new materials, CPF’s investments play a role in fostering sustainability and decarbonization of the chemical industry.
IRC says that, to date, the CPF has invested in five portfolio companies: Pryme N.V., Itero Technologies Limited, Clariter S.A., DePoly S.A., and Ioniqa B.V.) deploying over €45 million and with a strong pipeline of transactions.
In January, we reported on Infinity Recycling’s fifth close of the CPF in December 2023, which reached €135 million. International investors and three new Limited Partners contributed to the fund, including Investeringsfonds Groningen (IFG). Their contributions are expected to help commercialize the advanced recycling market, which is then expected to unlock circularity for plastics and help decarbonize the industry.
In similar news, Paptic closed €27.5 million in growth financing by the end of 2023, including investments from the UB Forest Industry Green Growth Fund (UB FIGG), Emerald Technology Ventures, SIG InnoVentures, and EIC Fund towards the end of the year. Upon the first closing of the two-part growth financing, Paptic had raised a total of €23 million. The second round was led by UB Figg and, once closed, had raised a further €4.5 million.
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