Chemical recycling pioneer Recycling Technologies, located in Swindon, UK, has announced that it has entered into a strategic business alliance with InterChem, a global commodities trader that specialises in the logistics, shipping, storage, blending and financing in the global petroleum and petrochemical industry worth. The relationship with InterChem includes an equity investment of £1m (announced in April 2018) and the forward sale of £50m of the polymer proportion of Plaxx over the next five years.
The company made a further announcement to the effect that it had forward sold the wax proportion of Plaxx to Kerax Limited, a leading European manufacturer of blended and speciality performance waxes. Applications include waxes for packaging, candles, waterproofing, surface coatings and other uses.
This means that the output from the first 12 RT7000 machines to be installed in the UK and Northern Europe has now been sold.
Recycling Technologies, which specialises in the chemical recycling of mixed plastic waste, including hard to recycle films, coloured and laminated plastics has developed a machine, the RT7000, that can be easily sited at existing waste centres.
With £65M contracted sales of Plaxx, the company is now talking to waste site operators to install its modular RT7000 to chemically recycle waste plastic that has historically been landfilled or sent to incineration. Its first machine is planned to be installed later this year in Scotland and the company has had interest from sites in the UK and Northern Europe for the subsequent machines. Recycling Technologies is currently establishing its assembly facility in Swindon to build up to 200 RT7000s per year to meet the additional anticipated demand for its distributed plastic recycling solution.