Swindon, UK-based Recycling Technologies has closed a fundraising campaign on Crowdcube, raising three times the amount of its target, two weeks after opening it to investors.
The specialist in the chemical recycling of mixed plastic waste, announced 20 March that the fund raising was oversubscribed by more than 300%, reaching its cap of £3.7m for a target raise of £1.2m.
“This fund raising attracted considerable support from just over 1,500 investors. The company drew investment from its existing investors, strategic investors and members of the public,” said the company statement.
InterChem, a global petroleum and petrochemicals trader, made the biggest investment, at £1m.
Recycling Technologies' innovative RT7000 machine recycles mixed plastic waste, including those considered unrecyclable such as films, coloured and laminated plastics including crisp packets and food pouches.
The machine recycles the plastic waste into an oil commodity, called Plaxx, which replaces fossil-fuel derived feedstock in new polymer production and industrial waxes.
The company has set a target to add 10 million tonnes of plastic recycling capacity, worldwide, by installing 1,300 RT7000 machines by 2027.