Plastic recycling tech start-up secures Series A funding
Plastic recycling tech start-up secures Series A funding
The money will be used to move from a pilot plant to full-scale commercial operation over the next three years
ReVentas has secured Series A funding to help scale up its plastic recycling technology from pilot plant to commercial operation over the next three years.
The round - for an unspecified amount - was backed by Orlen VC, Beiersdorf Venture Capital and Scottish Enterprise.
The Livingston-based company tackles polyethylene (PE) and polypropylene (PP), which make up more than half of all plastic produced. ReVentas’ technology uses a chemical solvent to rapidly dissolve them, filtering the plastic of all contaminants - including colour and odour - to produce a 'like-new' plastic which can be sold directly to end customers, replacing virgin plastic.
The technology operates at low temperatures and pressures, reducing the cost of production making recycling more economically viable, whilst achieving an 80% reduction in carbon emissions over virgin plastic production.
Derek Shaw, director of entrepreneurship and investment at Scottish Enterprise, said: “Our investment support is focused on helping Scotland’s most innovative and ambitious companies to grow and scale, creating impactful economic change.”
Beiersdorf Venture Capital and Orlen VC will join LG Chem and others as strategic partners of ReVentas to support the scaling-up of the technology.
The new money should accelerate development of its first commercial, 10,000 tonne per annum plant, which is planned for operation in 2027 - and an additional 140,000 tonnes planned to be brought online by 2031.
This investment highlights both the need for circular solutions in plastic recycling and the impact that can be made from partners along the whole value chain coming together to help solve a global problem.
Marek Garniewski, president of the management board of ORLEN VC, said: “EU regulations mandate that 10% of packaging materials must come from recycled sources by 2030.
“However, Europe faces significant shortages of high-quality secondary raw materials suitable for reuse in production.
“Meeting this obligation will be a challenge, but we see it as a business opportunity - through this latest investment in cutting-edge recycling technology, we aim to leverage it effectively.”
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