Itero Technologies receives investment to construct advanced recycling plant

London-based Itero Technologies, a chemical recycling technology provider, has received a 6 million euro investment with 5 million euros from Infinity Recycling’s Circular Plastics Fund to support the design and construction of Itero’s first at-scale demonstration plant, located at the Brightlands Chemelot Campus in Geleen, Netherlands.

According to a news release from Itero Technologies, the plant will be able to process 27,000 metric tons of residual plastic scrap per year. Itero Technologies says the proprietary pyrolysis process it developed converts plastic scrap into what it calls high-value chemical products while diverting end-of-life plastics from landfill and incineration, reducing the consumption of crude oil.

“We are delighted that the significant potential of the technology developed by Itero is acknowledged by Infinity Recycling and other investors,” says Simon Hansford, CEO of Itero. “Maintaining public goodwill and responding to environmental concerns about plastic waste requires a process to recycle plastic safely, sustainably and economically. Itero is working to provide a solution to that problem.”

Itero reports that it has been in what it calls “a longstanding relationship” with Infinity Recycling, which is a Rotterdam-based investment manager focused on helping advanced recycling companies to upscale and commercialize their technologies and grow the market for recycled polymers.

“Infinity Recycling is excited to anchor this investment round and help Itero with the upscaling of its technology and process,” says Jeroen Kelder, managing partner of Infinity Recycling B.V. “We have known Itero and the team for over three years and have supported them in a wide range of areas. The Circular Plastic Fund’s capital commitment is the next step in our strong collaboration and paves the way for the next phase in Itero’s exciting evolution.”