Pryme NV has announced that it has received funding to the tune of almost €13 million from an investment consortium consisting of Infinity Recycling, Invest-NL and LyondellBasell. Pryme, an advanced recycling company based in Rotterdam, the Netherlands, has developed a cost-effective pyrolysis approach that allows used plastic to be recycled with a high conversion rate, on an industrial scale and with a lower carbon footprint. The Dutch research organisation TNO has calculated that 92,000 tonnes of CO2 emissions will be avoided annually by chemically recycling plastic waste versus incineration for each Pryme reactor line of 40,000 tonnes. The company will use the funds generated in this latest funding round to advance the commercialisation of the process.
"We are excited to welcome this group of strong investors at our side," said Chris Herve, CEO of Pryme. “We expect our new investors to each bring valuable experience and perspective to further develop our technology.”
Pryme is currently building an advanced recycling plant in Rotterdam with an annual intake of up to 40,000 tonnes, which will start production in 2023.
The recycler is a portfolio company belonging to consortium member Infinity Recycling. Infinity Recycling was established to create markets for end-of-life plastic streams, and to that end focuses on investing in plastic recycling valorisation technologies. Managing partner Jeroen Kelder said they were pleased to have successfully assembled a strong consortium of investors to support Pryme in its next phase of growth. “We […] are confident that this backing will be instrumental in its continued success."
Another member, Invest-NL is the National Financing and Development Institution of the Netherlands. Its principal, Elisabeth Storm de Grave, called the investment round a significant milestone for scaling up Pryme's advanced recycling capacities, which are critical to addressing those parts of the plastic waste streams that cannot be recycled through mechanical technologies. “It clearly underlines the strong position of the Netherlands to address the plastic waste crisis,” she noted.
For Lyondell, the investment will open up a potential source of feedstock for the integrated hub it is planning in Cologne, Germany. LyondellBasell has said it will be building the capability to process up to 2 MM tonnes per year there of renewable or plastic waste-based feedstock and engineering an advanced recycling plant using its proprietary MoReTec technology.
"With increasing demand from society and customers for more circular products, we are thrilled to invest in fast-growing companies like Pryme to support the scale-up of new advanced recycling commercial operations and reduce the volume of used plastic sent to incineration," said Martino Gabellich, LyondellBasell vice president Advanced Recycling and Low Carbon Solutions.
Pry