UK-based recycling technology company, Itero Technologies, which converts plastic waste into a resource, has received a €6M investment, with €5M from Infinity Recycling’s Circular Plastics Fund (CPF).
Founded in 2010 and based in London, the firm plans to build an innovative plant for recycling plastic waste at the Brightlands Chemelot Campus in Sittard-Geleen, the Netherlands. The plant will use Itero’s patented pyrolysis technology to convert waste plastics into oils, wax and gas that can be used to produce new plastic and petrochemical products.
About choosing this location, Itero CEO, Mr Simon Hansford said: “With the advice of industry experts at Infinity Recycling, we looked at several potential locations on the continent, in the UK and in the Netherlands but the facilities at Geleen and the support are perfect. We are fully onboard with the Chemelot Circular Hub philosophy. Limburg has great international ambitions in this area and we are excited to contribute to them.”
Itero is on a mission to help solve the global waste plastic problem. The highly efficient process reduces emissions associated with both the disposal of plastics by landfill and incineration, and the production of new plastics from fossil-derived petrochemicals. The startup believes that its proven technology can provide a solution to the problem of recycling plastic waste in an environmentally efficient way, while sitting alongside traditional recycling methods.
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.
“Infinity Recycling is excited to anchor this investment round and help Itero with the upscaling of its technology and process. We have known Itero and the team for over three years and have supported them in a wide range of areas. The Circular Plastic Fund’s capital commitment is the next step in our strong collaboration and paves the way for the next phase in Itero’s exciting evolution.” Jeroen Kelder – Managing Partner, Infinity Recycling B.V.
Further, Bert Kip, CEO of Brightlands Chemelot Campus adds, “As a campus, we are committed to a circular future and are one of the partners in the regional alliance dedicated to achieving this, the Chemelot Circular Hub. Itero is a perfect fit in this environment and will help strengthen our ecosystem of parties with groundbreaking technologies to make new raw materials from plastic and other waste. It shows that we are increasingly becoming the place to be, including for international parties.”