Ioniqa Technologies of the Netherlands plans new PET recycling plant

Ioniqa Technologies BV and venture capital firm Chemelot Ventures BV, both of the Netherlands, have finalized €2.5 million ($2.8 million) in financing for Ioniqa’s new commercial-scale polyethylene terephthalate (PET) recycling process.

The chemicals company says its unique process removes coloring from PET materials and allows all grades of PET plastics to be converted into pure raw materials.

“Chemelot Ventures’ contribution is a major milestone in the financing of Ioniqa’s upscaling to industrial level and building a (mini) plant,” says Tonnis Hooghoudt, CEO of Ioniqa Technologies. “With our game-changing chemical recycling process we are able to contribute to the circular economy by converting colored postconsumer PET into pure and clear raw materials for ‘virgin’ PET. We note strong interest from many stakeholders in the circular economy, including leading multinationals. I am confident that we can convert this strong interest into an attractive and sustainable operational business.”

Chemelot Ventures’ Investment Manager Aruna Subramanian comments, “We are excited to support Ioniqa Technologies in their journey to enable 100 percent PET recycling, a breakthrough in the world of postconsumer PET plastics. We have great confidence in this brand new partnership and the future development of this promising clean-tech company.”