Itero invests in sustainable solution for plastics recycling
Itero has successfully raised €6 MM in investments, with €5 MM from Infinity Recycling’s Circular Plastics Fund (CPF), to support the design and construction of our first at-scale demonstration plant located at the Brightlands Chemelot Campus, Geleen, NL.
The demand for plastics has never been greater. Industry production of plastic is projected to triple by 2060 but existing recycling methods are limited in the types of plastics they can process and the quality of recycled products. Chemical recycling has fewer limitations - in the range of plastic waste processed and in creating virgin-quality recycled products. McKinsey has forecast that by 2050 more than 30% of the global polymer (plastic) demand will be met from advanced recycling (which includes chemical recycling).
Itero diverts end-of-life plastics from landfill and incineration, reducing consumption of crude oil. The proprietary pyrolysis process developed by Itero converts plastic waste into high-value chemical products. The chemical products are used as feedstock in the production of virgin-quality plastics, which can be retained again and again in the circular economy through the same process.
The demonstration plant will be able to process 27,000 tons of residual plastic waste annually, equivalent to the total amount of plastic packaging waste generated by the population of Amsterdam municipality per year. The funding will also support further research and development at Itero’s UK pilot plant at Iver, near Heathrow.
Itero CEO, Mr Simon Hansford, said, “We are delighted that the significant potential of the technology developed by Itero is acknowledged by Infinity Recycling and other investors.
“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.”
This investment is the continuation of a longstanding relationship between Itero and Infinity Recycling, a Rotterdam-based investment manager focused on helping promising advanced recycling companies with the upscaling and commercialisation of their technologies and growing the market for recycled polymers. The CPF, an Article 9 ‘dark green’ impact fund which is the highest designation under the EU’s Sustainable Finance Disclosure Regulation (SFDR), is committed to driving ESG impact.
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