Recycling Technologies and Plaxx system welcome new investor

EcoMachines Ventures, a United Kingdom-based investor in energy and industrial high-tech companies, says it has reached agreement with an undisclosed private investor who will acquire its share of Recycling Technologies Ltd., a mixed plastic scrap conversion company, for an undisclosed amount.

EcoMachines made its original investment into Recycling Technologies in May 2014, providing seed capital for its technology, which converts mixed residual plastic scrap into a chemical feedstock. EcoMachines says it has subsequently provided follow-up funding and additional support to help bring the technology to market.

Based in Swindon, U.K., Recycling Technologies builds and operates the RT7000, which is designed to convert mixed plastic scrap into a substance called Plaxx. Plaxx can be used for purposes including energy generation, low sulphur marine fuel, as a “slack wax” or as a feedstock for polymer production. Each RT7000 machine is capable of processing up to 7,000 metric tons of mixed plastic scrap per year.

Says Dr. Ilian Iliev, CEO of EcoMachines Ventures, “We invested in 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. We are proud of the developments made at Recycling Technologies and leave the business in excellent shape for the future commercial roll-out of their technology.”

Adds Iliev, “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.”

Adds John Clarkson, chairman of Recycling Technologies Ltd., “Over the past three years, Recycling Technologies Ltd. has developed its process successfully, and the first commercial rig is currently undergoing testing. 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.”

The transaction was led on behalf of EcoMachines Ventures by Ilian Iliev with support from Max Middleton. Taylor Vinters provided legal advice to EcoMachines Ventures and Baker Botts acted as legal advisor to Recycling Technologies.