Investment company Taranis has announced an investment of €10 million into cleantech company Pryme, which converts plastic waste into valuable products through pyrolysis technology.
Pryme has apparently developed a new cost-effective approach to pyrolysis that allows used plastic to be recycled with a high conversion rate on an industrial scale, and with a lower carbon footprint. The company is currently in the early production phase of its first industrial-scale unit, Pryme One, located in Rotterdam.
Taranis’ investment, through its Taranis Carbon Ventures fund, will enable Pryme to accelerate the roll-out of its technology to help reduce the amount of hard- to- recycle plastic being incinerated or ending up in the environment. It aligns with the Taranis Carbon Ventures fund’s thesis of supporting the development of innovative technologies enabling carbon circularity.
Commenting on the investment, CEO of Taranis Investment, Emmanuel Colombel, said: “Supporting growth companies in the field of plastics recycling is an important strand to Taranis Carbon Ventures’ investment strategy. The team at Pryme are successfully optimizing the pyrolysis process and have the potential to make a significant impact in addressing the hard to recycle plastic waste streams.”
CEO of Pryme, Christopher Hervé, added: “Taranis and its parent company, the Perenco Group, are ideal partners for Pryme with their significant experience in conducting large-scale industrial projects, technical expertise and focus on and dedication to technology driven carbon footprint reduction and circularity. We look forward to Taranis bringing valuable experience and perspective to further develop Pryme into a significant advanced recycling player.”
At the end of 2023, Mark Victory, senior editor of recycling at ICIS, said uncertainty in EU regulations was creating hurdles for the chemical recycling sector, and explained to us how clearer legislation could attract investment and fuel sector involvement - but may also draw criticism from NGOs.
Earlier this year, Itero Technologies was awarded €5 million by the EU’s Just Transition Fund to contribute to its chemical recycling demonstration plant for mixed plastic waste at Brightlands Chemelot Campus. The new plant is anticipated to process 27kT of waste plastics every year and divert over 20kT of fossil resources within the same time frame.
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