Chemical recycling company Itero has announced a €6 million investment that will support the development of its first large-scale demonstration plant in Geleen, the Netherlands.
Using Itero’s proprietary pyrolysis process, the new plant will be able to process 27,000 tonnes of plastic packaging waste each year, converting it into a new raw material for virgin-grade recycled plastics, as well as recycled waxes and pyrolysis gas. Itero’s 1.5 tonne pilot-scale R&D plant is located near London Heathrow and has explored various combinations of raw materials and offtakes, refining the pyrolysis process to optimize the quality of its recycled products.
The majority (€5 million) of the €6 million investment comes from Infinity Recycling, a Rotterdam-based investment fund focused on scaling and commercializing advanced recycling technologies and the growth of the recycled polymer market. Infinity Recycling’s Circular Plastics Fund (CPF) is a Section 9 “dark green” impact fund, which is the highest designation under the Sustainable Financial Disclosure Regulation (SFDR) of the United States. EU.
“We are delighted that the significant potential of the technology developed by Itero is being recognized by Infinity Recycling and other investors,” said Simon Hansford, CEO of Itero.
“Maintaining public goodwill and addressing environmental concerns about plastic waste requires a safe, sustainable and economical plastic recycling process. Itero strives to provide a solution to this problem.
The site for the new factory has been strategically chosen, positioned in the Circular Hub at Brightlands Chemelot Campus, Geleen, NL. The chemical complex is just north of Masstricht, close to the Belgian and German borders, placing it right in the industrial heart of Western Europe. According to Itero and Infinity Recycling, the location will help foster collaborative R&D on products and technology to increase the circularity of waste.
“Infinity Recycling is excited to anchor this round of investment and assist Itero in scaling its technology and process,” said Jeroen Kelder, Managing Partner at Infinity Recycling.
“We have known Itero and its team for over three years and have supported them in many areas. The capital commitment from the Circular Plastic Fund is the next step in our strong collaboration and paves the way for the next phase in Itero’s exciting evolution.