Recycling Technologies' successful raise of £578,808 is helping the company on its way to solving one of the biggest problems our world faces: The vast amounts of plastic that we dispose of unsustainably.
In 2012, the EU produced 57m tonnes of plastic. Only 6.6m tonnes were recycled – mostly drinks and milk bottles. The rest, known as Mixed Plastic Waste (MPW), was incinerated, put into landfill or dumped in our oceans. There are currently very few solutions available to deal effectively with MPW.
Recycling Technologies designs and manufactures machinery, which can be located within its customers' facilities, that turns MPW into a heavy fuel oil called Plaxx™, which is then resold into the hydrocarbons market.
Where are they now?
Having put together a world class team led by Adrian Griffiths, the business is used the money from this funding round was used to build a commercial demonstrator plant in partnership with Swindon Borough Council. With the aim of helping investors’ funds go further, RT has also secured more than £2m of grant funding from the Department of Energy & Climate Change, Innovate UK and the Regional Growth Fund.