Neste, an expert in drop-in solutions for renewable chemicals, and Mirova, an impact investor in natural capital and a subsidiary of Natixis Investment Managers, are jointly investing millions to accelerate the development of chemical recycling processes to support the transition to a circular economy for plastics.
According to current information, the two companies are investing ten million euros in the Recycling Technologies Ltd („Recycling Technologies“), a specialist in plastics recycling technology. This investment, consisting of five million euros from Neste and five million euros from Mirova via the ‚Althelia Sustainable Ocean Fund‘, provides the necessary capital for the construction of the first commercial RT7000 system from Recycling Technologies in Scotland.
Accelerate chemical recycling processes
The scalable, patented RT7000 technology converts mixed plastic waste into waxes and petrochemical raw materials with the brand name Plaxx which are then used for the production of new plastics. It enables value to be created from plastic waste that is currently difficult or impossible to recycle using mechanical recycling and is disposed of by landfilling, incineration or export.
„Neste is committed to the development of solutions for Accelerating the recycling of plastics committed. Thanks to the collaboration with Recycling Technologies, we can drive the development of a very promising chemical recycling technology and complement the partnerships we have already established with other pioneers in the plastics value chain. Together, we are rapidly developing scalable chemical recycling solutions for the global plastic waste problem,“ says Mercedes Alonso, Executive Vice President, Renewable Polymers and Chemicals at Neste.
In addition to the investment, Neste has signed an agreement with Recycling Technologies Cooperation agreement for technology development and an offtake agreement for Plaxx. This will bring Neste's know-how and extensive expertise in handling low-grade waste and residues to the collaboration with the aim of accelerating the use of chemical recycling processes in Europe.
The investment follows Neste's recent announcement that from 2030 it will be investing over one million tonnes of plastic waste to be reused as a raw material for chemicals and new plastics.
„Every year, more than eight million tonnes of plastic end up in our oceans. We are therefore delighted to support Recycling Technologies, an innovative company that offers sustainable solutions for plastics. Value creation through the circular economy for plastic waste is a necessary step towards reducing plastic pollution in the oceans. The RT7000 system is a solution for industrialised and developing countries that will enable them to quickly tackle plastic recycling,“ explains Simon Dent, Blue Investment Director at Mirova Natural Capital.
Source: Neste
