DeepTech Recycling, a UK-based chemical recycler which acquired Recycling Technologies out of administration in December 2022, has secured GBP 1 million in funding.
The funding will support DeepTech Recycling to commercialise its patented pyrolysis technology. Recycling Technologies, founded in 2011, developed the technology for 10 years, building its first polystyrene-to-styrene commercial plant in Swindon in 2021. The pyrolysis technology is based on a dual fluidised bed process which produces pyrolysis oil that DeepTech Recycling calls Plaxx.
A dual fluidised bed reactor is a recirculating system in which one half of the unit
operates as a steam pyrolysis device for biomass. The pyrolysis occurs by introducing biomass and steam to a hot fluidised bed of inert material such as coarse sand. The petrochemical industry usually deploys the high efficiency method for catalytic processes such as Residue Fluidised Catalytic Cracking (RFCC).
DeepTech Recycling says the output of the process, Plaxx, can be used in manufacturing of new plastic after refinement and that it not ‘intended’ for use as fuel.
"This investment represents a significant vote of confidence in our mission to transform non-recyclable plastic waste into high value oil products, a process that is a key lever in achieving substantial reductions in plastic waste disposal and greenhouse gas emissions,” said Marvine Besong, managing director and CTO of DeepTech Recycling. “The oil products generated can be used by the petrochemical industry as the feedstock for producing virgin-quality plastics, further re-enforcing our passionate support for the drive towards a circular economy.”
The deal was led by the deep tech venture capital firm EMV Capital, a wholly owned subsidiary of NetScientific PLC. The target investment programme of around GBP 3 million will involve additional closings with new investors within the next six months, according to a DeepTech Recycling statement.