Seed fund specialist to provide funding for Recycling Technology.
EcoMachines Incubator, a London-based seed funding firm that provides assistance for startups in the energy and resource efficiency space, has announced its investment in Recycling Technologies, a company that converts various types of nonrecyclable plastic waste into what it calls PlaxOil, a heavy fuel oil alternative.
Recycling Technologies, based in Swindon, U.K., produces machines that convert mixed plastic waste [MPW] into an oil that may be sold or used as a fuel in localized on-demand combined heat and power facilities.
Ilian Iliev, CEO of EcoMachines, says, “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 adds, “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 program. 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.”
EcoMachines estimates that around 30 million metric tons of plastic waste is landfilled in the European Union every year.
Adrian Griffiths, founder and managing director at Recycling Technologies, says, “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.”
In early 2013, the company opened its R&D and production facilities in Swindon to develop and manufacture the WarwickFBRTM, a patented modular recycling system, which allows users to process up to 7,000 metric tons of waste per year.
Recycling Technologies is currently building a pilot plant in Swindon, and is already in advanced discussions with a large number of potential customers and industry partners in the UK and wider markets.
