Plastic Energy is headquartered in the UK with two operational plastic-to-plastic chemical recycling plants in Spain, and several plants currently under construction in France and the Netherlands. The company uses its unique and patented technology through a thermal anaerobic conversion (TAC) process to recycle end-of-life plastics that would otherwise be destined for landfill, incineration or end up in the environment. Recycled oils, called TACOIL, from Plastic Energy’s process are used in the creation of virgin-quality food-grade packaging, which benefits the circular economy.
Plastic Energy has agreements with key players in the chemical sector, such as SABIC, TotalEnergies and ExxonMobil, and recycled plastic made from its process has already been incorporated into packaging and products for brands such as Unilever and Tupperware.
Funds raised will be used to accelerate Plastic Energy’s growth and enable it to expand its technology and global portfolio of recycling plants.
“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,” said Carlos Monreal, Founder and CEO of Plastic Energy. “This investment will have a big impact, enabling us to recycle more plastics globally and build a more sustainable and circular economy.”
Among the new investors is LetterOne, an entrepreneurial UK-based firm investing through its L1 New Energy arm, making investments in the energy transition.
“Carlos Monreal and the management team at Plastic Energy have created a pioneering company with compelling growth potential,” said Tim Summers, Managing Partner of L1 New Energy. “LetterOne is passionate about building better businesses. We bring an entrepreneurial mindset, long term vison and active investment to drive sustainable value in the sectors that are vital to future prosperity.”
Headquartered in France, Axens is a worldwide provider of technologies, products, services and equipment, for the production of cleaner, renewable, gas, fuels and chemicals. In addition to Axens’ direct investment in Plastic Energy, Plastic Energy and Axens have also agreed upon a strategic collaboration for the worldwide marketing and licensing of Plastic Energy’s chemical recycling technology, representing a major milestone in Axens’ ambition to develop and propose an extended portfolio of advanced technologies for the plastic circular economy.
“We are glad to announce our investment and strategic partnership with Plastic Energy. Achieving a true circular economy of recycled polymers, including for food contact and health care grade, is a largely shared objective. And, leveraging Plastic Energy and Axens complementary operational and technological skills, we can now offer a combination of proven technologies to make it possible” said Stéphane Fedou, Plastic Circular Economy Director at Axens
Global investment management firm M&G also join Plastic Energy as an investor. The firm’s strong focus on sustainable, planet-centric investments provides additional drive to Plastic Energy’s mission.
Alex Seddon, Head of M&G’s Catalyst Team, said: “The proliferation of waste plastic is a blight on our natural environment and is on an alarming course – with predictions that plastic in the ocean alone will outweigh fish by 2050. Plastic Energy is assisting the circular economy by breaking the chain of adding more new plastic to the eco-system and, importantly, keep more end-of-life plastics away from landfill and our oceans.”