Greenback Technologies Ltd has secured additional investment that will enable the construction of a new recycling plant.
The plastic recycling company says the funding will enable the business to proceed with the deployment of a new advanced recycling plant in Mexico as part of a deal with Nestlé, the world’s largest food and beverage company.
Greenback completed part of a pre-Series B funding round, which was supported by both new and existing investors. Greenback says the extra funding has enabled the company to convert a loan made under the UK Government’s Future Fund scheme into equity.
In addition to his financing, Greenback has raised further funds through the sale of ecoveritas, a consulting firm that provides data-driven services to customers in the packaging industry.
Ecoveritas was acquired by its existing management team backed by a consortium of international investors.
They continue that the plant will use innovative microwave-induced pyrolysis technology developed by UK chemical recycling specialists, Enval, to turn previously hard to recycle plastic into certified feedstock that can be used to create new food-grade plastic packaging with the required evidence that it has been made from post-consumer waste.
Greenback’s recent funding boost coincides with its appointment of a new non-executive director, Craig Arnold.
Founder and CEO of Greenback, Philippe von Stauffenberg, said: “The investment secured during our latest funding round and the addition of Craig to our Board are both pivotal in enabling us to progress our project with Nestlé Mexico to the next stage.
“We are one step closer to delivering a solution for globally recognised brands that can make the previously unrecyclable, recyclable, making a very clear statement about the strength of their commitment to sustainability and the circular economy.”