Environmental Recycling Technologies (ERT) has licensed its powder impression moulding process for converting mixed waste plastics into commercially viable products to 2K Manufacturing.
Under the terms of the deal, ERT will receive £1.7m over a period of five years. In addition, 2K will pay ERT an annual royalty based on sales volume.
Roger Baynham, ERT's managing director, said: "This is a landmark agreement which provides the framework for future cooperation between ERT and 2K enabling 2K to focus on the significant UK market whilst providing it with rights to license the PIM technology for flat sheet production to the rest of the world as evidenced by the recent agreement with NBF Plastics."
Omer Kutluoglu, CEO of 2K, added: "We are delighted to have completed this revised agreement with ERT. Domestic demand and market awareness for EcoSheet is growing well, and this agreement better reflects our company's UK focused commercial strategy. We look forward to a fruitful and profitable relationship with ERT."