Investment company EcoMachines Ventures has sold its shares in plastic recycler Recycling Technologies to a private investor for an undisclosed sum.
The original investment came in May 2014, with EcoMachines providing seed capital for the recycler’s technology that converts mixed residual plastic waste into a chemical feedstock.
Recycling Technologies chairman John Clarkson said the investment had been “very helpful” and that his firm had benefited from the EcoMachines’ “advice, contacts and marketing expertise”.
He said the business was now sourcing a £10m funding round with finance adviser PriceWaterhouseCoopers.
Details of the new owner have not been released.
“During the past three years, Recycling Technologies has developed the process successfully and the first commercial rig is currently undergoing testing,” Clarkson said.
“There has been a high level of interest and demand from all sectors of the market. In addition to the anticipated business success, the process delivers huge environmental benefits.”
Based in Swindon, Recycling Technologies builds and operates machines called RT7000s that convert mixed plastic waste (MPW) into a recycled hydrocarbon product Plaxx.
Unlike separated plastics such as PET and HDPE, most MPW is currently not recycled.
Plaxx can be used for several purposes including heavy fuel oil for energy generation, low sulphur heavy fuel oil for marine propulsion, as a ’slack wax’ or, ultimately, as feedstock for polymer production.
Each RT7000 machine is capable of processing up to 7,000 tonnes a year of MPW.
The investment firm provided follow-on funding and further support to help bring the technology to market.
EcoMachines chief executive Ilian Iliev said he was proud of the developments made at Recycling Technologies, and said his company “leaves the business in excellent shape for the future commercial roll-out of their technology”.
“We invested in Recycling Technologies because they provide an innovative and practical solution to the world’s pressing plastic waste problem,” he said.
“This investment is a prime example of our strategy not only in terms of sector but also in nurturing and developing a team and its technology for the next stage of their growth. The realisation of this, our first exit, is also a great result for our investors.”