Recycling Technologies agrees contracts worth over £65M to fight the war on plastic waste.
Recycling Technologies, a business specialising in the chemical recycling of mixed plastic waste, today announced a major strategic business alliance with InterChem worth over £50m and the forward sale of its wax output worth £15M to Kerax Limited. The relationship with InterChem includes an equity investment of £1m (announced in April 2018) and the forward sale of £50m of the polymer proportion of Plaxx® over the next five years. This means that the output from the first 12 RT7000 machines to be installed in the UK and Northern Europe has now been sold.
Swindon-based Recycling Technologies specialises in the chemical recycling of mixed plastic waste. In a world where only 10% of valuable plastic waste materials are recycled each year, Recycling Technologies has developed a machine, the RT7000, that can be easily sited at existing waste centres to recycle all types of plastics, including hard to recycle films, coloured and laminated plastics. The RT7000, recycles this broad range of household plastic waste into a valuable oil commodity, called Plaxx®, which replaces fossil-fuel derived feedstock in new polymer production and synthetic waxes.
InterChem is a global commodities trader that specialises in the logistics, shipping, storage, blending and financing in the global petroleum and petrochemical industry with offices around the world. It is committed to working with innovative companies in the clean technology space and providing recycled product to polymer producers seeking a more sustainable value chain.
Recycling Technologies has forward sold the wax proportion of Plaxx to Kerax Limited, a leading European manufacturer of blended and speciality performance waxes. Applications include waxes for packaging, candles, waterproofing, surface coatings and other uses. Exporting worldwide, Kerax Limited is seen as a leading innovator in the use of wax. From an early stage Kerax Limited has been an enthusiastic supporter of Recycling Technologies and its Chief Executive, Ian Appleton has personally invested in the aspirations of Recycling Technologies to recycle and reuse plastic waste.
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.”
Mr Robert Langstraat, CEO, InterChem, said: “We see great value in building a partnership with Recycling Technologies as its talented management team has developed a commercial solution to recycle plastic. We have agreed to purchase significant volumes of the fossil fuel alternative, Plaxx® for the next five years providing our clients with industrial quantities of recycled plastic feedstock critical for the future of plastics manufacturing.”
Ian Appleton, CEO Kerax said: “The supply of traditional waxes are set to decline sharply in the coming years. To have a source of wax from recycled plastic is a major innovation that fits in perfectly with our aim of supply source diversity. Not only that, it will offer our customers the opportunity to purchase waxes that will enhance the global environment. Kerax look forward to working with the Recycling Technologies team and InterChem to grow this opportunity.”
About Recycling Technologies
Recycling Technologies Ltd is creating value in residual plastic waste on a global scale. Recycling Technologies has developed a process to economically recycle mixed plastic waste – that is currently disposed of in landfill or incinerators – into a valuable hydrocarbon product, named Plaxx®, with multiple uses in the wax and petrochemical sectors. Award-winning Plaxx® can be used by polymer manufacturers to make new plastic thereby propelling plastic into the circular economy. Some of the UK’s leading experts in engineering, energy, waste management and commercial operations make up the Recycling Technologies team and board. Recycling Technologies’ chemical recycling process has been built into a modular machine, the RT7000, that will be mass produced and transported to existing recycling facilities around the world. The first commercial RT7000 will be operating in Scotland in 2019, supported by Zero Waste Scotland. With an innovative distributed approach, Recycling Technologies has the potential to quickly scale to a meaningful global presence in the world of plastics recycling. For further information, please visit www.recyclingtechnologies.co.uk