Itero Technologies has received a EUR 5 million investment from Infinity Recycling’s Circular Plastics Fund (CPF) to support the design and construction of its first at-scale demonstration plant for its proprietary pyrolysis chemical recycling process.
The Circular Plastics Fund, established by Infinity Recycling, makes growth investments in technology companies that aim to break plastic waste streams into primary commodities, which can be reused by the industry as inputs for new plastic products. The goal of the fund is to support global efforts to decarbonise the economy and reduce dependency on fossil feedstocks.
Infinity Recycling, a chemical recycling technology provider, says that the EUR 5 million investment in Itero Technologies is the second it has made based on the EU’s Sustainable Finance Disclosure Regulation (SFDR) Article 9 “Dark Green Fund”, which backs companies scaling up proven advanced recycling technologies.
According to Itero Technologies, the demonstration plant will be located at the Brightlands Chemelot Campus in Geleen, the Netherlands, and will be able to process 27,000 tonnes of residual plastic waste annually. The funding will also support further research and development at Itero’s UK pilot plant at Iver, near Heathrow.
Itero Technologies adds that its proprietary pyrolysis process converts plastic waste into high-value chemical products while diverting end-of-life plastics from landfill and incineration, apparently reducing the consumption of crude oil. The chemical products are then reportedly used as feedstock in the production of virgin-quality plastics, which the company claims can be retained within a circular economy through the same process.
Simon Hansford, CEO of Itero Technologies, comments: “Infinity’s investment is recognition of the potential of Itero’s technology, and it is meaningful to be working with a fund which is as dedicated to sustainability as we are at Itero.
“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.”
Jeroen Kelder, managing partner at Infinity Recycling, adds: “Infinity’s history with Itero goes back to 2019, and we have supported the company in key stages of its development. Our investment aims to accelerate the world’s transition to the circular economy of plastics.
“Based on McKinsey & Co’s 2022 report, an 8% market share of recycled polymers in the European plastics economy will require over EUR 40 billion investment. The current production of recycled polymer is negligible. We are thrilled to spearhead this crucial transition alongside Itero.
“Infinity Recycling is excited to anchor this investment round and help Itero with the upscaling of its technology and process. 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.”