The Swindon based manufacturer of machines that convert waste plastic to oil has received funding from the London-based seed fund specialist.
EcoMachines Incubator, the seed fund and accelerator for startups in the energy and resource efficiency space, has today announced its investment in Recycling Technologies, a company that recycles plastic waste into PlaxOil™ a clean Heavy Fuel Oil [HFO] alternative.
Based in Swindon, Recycling Technologies produces machines that convert Mixed Plastic Waste [MPW], destined for landfill or incineration, into an oil that may be sold or used as a fuel in localised on-demand CHP (Combined Heat & Power) facilities.
Ilian Iliev, CEO of EcoMachines explained: “We have chosen to support Recycling Technologies because they provide an innovative and practical solution to the world’s pressing plastic waste problem. Plastic is one of humanity’s most useful inventions, yet plastic waste is one of today’s major environmental pollution problems.’’
He continued, “At a time of flux in the waste industry, the company’s team impressed us with their vision and growth ambitions. We are excited that Recycling Technologies are joining our Accelerator programme. We will be working with the company to help it access target markets and scale its waste-to-oil model in the UK and beyond.”
Unlike other waste streams such as glass, paper and separated plastics such as PET, HDPE etc. most MPW is currently not recycled. Approximately 30 million tonnes of plastic waste goes to landfill or incineration in the EU every year because it is mixed. By converting the waste into oil that can be sold or used to produce heat and power on site, Recycling Technologies’ machine turns an environmental problem into a valuable resource.
Adrian Griffiths, founder and Managing Director at Recycling Technologies said: “We are delighted to be working with EcoMachines Incubator. EcoMachines’ investment and support will help the company to accelerate, bringing this exciting technology to the market quickly. It’s nice to be a part of something that will have huge environmental benefits as well as providing exciting shareholder returns.”
EcoMachines was joined in the investment round by business angels with professional experience in the energy and waste industry. Recycling Technologies is currently building a pilot plant in Swindon, UK, and is already in advanced discussions with a large number of potential customers and industry partners in the UK and wider markets.