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03-09-2020

Recycling Plant in Scotland

Investment of Neste and Mirova

Neste, Oyj, Helsinki, Finland, and Mirova, an investor in the natural capital space and an affiliate of Natixis Investment Managers, announce a combined EUR 10 million investment into Recycling Technologies Ltd, a specialist plastic recycling technology provider. The aim is to accelerate the development of chemical recycling and foster the transition to a circular economy for plastic.

This investment, consisting of EUR 5 million from Neste and EUR 5 million from Mirova through the Althelia Sustainable Ocean Fund, provides the capital to start building Recycling Technologies’ first commercial RT7000 machine in Scotland.

The RT7000 is a scalable patented technology that recycles mixed plastic waste into waxes and petrochemical feedstocks, trademarked as Plaxx, for new plastic production. It enables the creation of value from plastic waste, which is today difficult or impossible to recycle with mechanical recycling, and is therefore currently disposed of through landfilling, incineration or exported.

Joint Technology Development Agreement

To complement the investment, Neste signs a joint technology development agreement and a Plaxx offtake agreement with Recycling Technologies. This will bring Neste’s know-how and expertise in dealing with low-quality waste and residue raw materials into the collaboration aiming to accelerate the deployment of chemical recycling capacity in Europe. The investment follows Neste’s recent announcement on its aim to process over 1 million t of waste plastic annually from 2030 onwards in order to introduce it as a raw material for chemicals and new plastics.

The Althelia Sustainable Ocean Fund’s investment into Recycling Technologies confirms the fund’s specific mission to finance scalable and impact-aligned businesses that provide innovative solutions to protect and restore our oceans. The RT7000 machine is uniquely suitable to addressing the plastic waste issues in Europe and other developed countries as well as in developing countries in line with Recycling Technologies’ aim to build projects in these regions.

About Recycling Technologies

UK-based company, Recycling Technologies, is on a mission to accelerate the evolution of plastic into a more sustainable material. The company has developed the RT7000 technology, which turns hard-to-recycle plastic such as films, bags, laminated plastics into an oil, called Plaxx, used as a feedstock for new plastic production.

About the Althelia Sustainable Ocean Fund

Althelia Sustainable Ocean Fund is a Specialized Investment Fund incorporated as a Luxembourg Limited Partnership with shares (SCA Sicav SIF), open to subscription to eligible investors as defined by the fund’s regulation. Alter Domus Management Company is the management company and Mirova Natural Capital is the financial sub-advisor. This fund is approved by the Luxembourg Commission for the Supervision of the Financial Sector (the "CSSF").

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