Pryme receives investments to accelerate advanced recycling of plastics

Three entities based in the Netherlands, Infinity Recycling, LyondellBasell and Invest-NL, have invested in Pryme N.V., a cleantech company based in Rotterdam, through an investment consortium. The group of investors contributed nearly 13 million euros ($14.2 million) to support the commercialization of Pryme’s pyrolysis process to convert used plastic into valuable products on an industrial scale.

“We are excited to welcome this group of strong investors at our side,” Pryme CEO Chris Herve says. “Just like earlier investments by Infinity Recycling and Stichting Multistrat opened doors and allowed us to gain important market knowledge, we expect our new investors to each bring valuable experience and perspective to further develop our technology. With this dedicated support comes responsibility and expectation to deliver—a challenge we gladly accept.”

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Pryme is currently building an advanced recycling plant in Rotterdam that it says it expects to start production later this year and plans to build a second larger-scale plant in 2025.

“Infinity Recycling is pleased to announce that it has successfully assembled a strong consortium of investors to support its portfolio company Pryme in its next phase of growth,” Infinity Recycling Managing Partner Jeroen Kelder says. “We are proud to have facilitated this important milestone for Pryme and are confident that this backing will be instrumental in its continued success.”

Pryme says it has developed a new cost-effective approach to pyrolysis that allows used plastic to be recycled with a high conversion rate, on an industrial scale and with a lower carbon footprint. With the new capital, Pryme says it aims to accelerate the rollout of this technology to help reduce the amount of plastic being incinerated or ending up in the environment.

“We are pleased to invest in Pryme in close cooperation with our portfolio fund Infinity Recycling and LyondellBasell,” Invest-NL Principal Elisabeth Storm de Grave says. “This investment round is a significant milestone for scaling up Pryme’s advanced recycling capacities, which are critical to address those parts of the plastic waste streams that cannot be recycled through mechanical technologies. It clearly underlines the strong position of the Netherlands to address the plastic waste crisis.”

Martino Gabellich, vice president of advanced recycling and low carbon solutions at LyondellBasell, says the investment supports the company’s strategy to grow its circular and low carbon solutions, as it intends to use part of the pyrolysis oil produced from the new Pryme facility in its planned integrated hub in Cologne, Germany.

“With increasing demand from society and customers for more circular products, we are thrilled to invest in fast-growing companies like Pryme to support the scale-up of new advanced recycling commercial operations and reduce the volume of used plastic sent to incineration,” Gabellich says.