There is a growing global problem with plastic waste that cannot be recycled at the end of its life. Globally, only 12% of plastic production is effectively recycled, and plastic recycling today predominantly uses a mechanical approach, which is limited to specific polymers – mainly those used in drink and milk bottles. Recycling Technologies has engineered a modular and scalable machine – the RT7000 – to chemically convert plastic waste, which currently cannot be recycled, into Plaxx® – a valuable hydrocarbon product.
The company is still in the development stage and is dependent upon grants, R&D Tax Credits and external investors. The future business model is based upon building and installing the RT7000 at recycling centres around the world.
Up to November 2018, Recycling Technologies has raised $11.9 million over eight rounds, and a further £9.4 million in March 202 from Neste Oyj and Mirova Capital. It is looking to raise a further £6m during the next 12 months.