This investment, consisting of EUR 5 million from Neste and EUR 5 million from Mirova through the Althelia Sustainable Ocean Fund, provides the capital to start building Recycling Technologies’ first commercial RT7000 machine in Scotland. The RT7000 is a scalable patented technology that recycles mixed plastic waste into waxes and petrochemical feedstocks, trademarked as Plaxx, for new plastic production. It enables the creation of value from plastic waste, which is today difficult or impossible to recycle with mechanical recycling, and is therefore currently disposed of through landfilling, incineration or exported.
To complement the investment, Neste signs a joint technology development agreement and a Plaxx offtake agreement with Recycling Technologies. This will bring Neste’s know-how and extensive expertise in dealing with low-quality waste and residue raw materials into the collaboration aiming to accelerate the deployment of chemical recycling capacity in Europe. The investment follows Neste’s recent announcement on its aim to process over 1 million tonnes of waste plastic annually from 2030 onwards in order to introduce it as a raw material for chemicals and new plastics.