Neste, the world’s leading provider of renewable diesel, renewable jet fuel, and an expert in delivering drop-in renewable chemical solutions, and Mirova, a pioneer impact investor in the natural capital space and an affiliate of Natixis Investment Managers, today announce a combined EUR 10 million investment into Recycling Technologies Ltd (‘Recycling Technologies’), 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.