Recycling Technologies, a business specialising in the chemical recycling of mixed plastic waste, has announced a major strategic business alliance with InterChem, a global commodities trader, worth more £50m.
The deal also includes the forward sale of its wax output worth £15m, to Kerax Limited, an equity investment of £1m and the forward sale of £50m of the polymer proportion of Plaxx® over the next five years.
Recycling Technologies specialises in the chemical recycling of mixed plastic waste and developed a machine, the RT7000, that can be easily sited at existing waste centres to recycle all types of plastics into an oil commodity, called Plaxx®, which replaces fossil-fuel derived feedstock in new polymer production and synthetic waxes. This deal means that the output from the first 12 RT7000 machines to be installed in the UK and Northern Europe has now been sold. The wax proportion of the Plaxx can be used for packaging, candles, waterproofing, surface coatings and other uses.
With £65m contracted sales of Plaxx the company is now talking to waste site operators to install its modular RT7000 to chemically recycle waste plastic that has historically been landfilled or sent to incineration. Its first machine is planned to be installed later this year in Scotland and the company has had interest from sites in the UK and Northern Europe for the subsequent machines. Recycling Technologies is now establishing its assembly facility in Swindon to build up to 200 RT7000s per year to meet the additional anticipated demand for its distributed plastic recycling solution.
Adrian Griffiths, CEO, Recycling Technologies, said: “We are delighted to be able to announce an important new strategic alliance with InterChem and the contract with Kerax, together worth over £65m. With the support of BEIS, Swindon Borough Council, Zero Waste Scotland and our investors, we have been able to develop the technology that recycles even the difficult plastic packaging wastes, crisp packets, black trays and laminated materials. These partnerships secure the commercial outlet for Plaxx®, making all waste plastic packaging valuable material. We are particularly excited that polymer manufacturers can use this material to produce more plastic, significantly boosting the circular economy credentials of plastic.”