Itero Technologies, a London-headquartered chemical recycling solutions company, has raised €6M in a new round of funding, the company said in a statement earlier today.
Some €5m came from Netherlands-based Infinity Recycling’s Circular Plastics Fund (CPF), which also led the round. This investment represents a continuation of the longstanding relationship between Itero and Infinity Recycling.
Itero said the funds will be used for the design and construction of Itero’s first at-scale demonstration plant, located at the Brightlands Chemelot Campus in Geleen, in the south of the Netherlands.
“We are delighted that the significant potential of the technology developed by Itero is acknowledged by Infinity Recycling and other investors,” said Itero CEO Mr Simon Hansford.
The company, established in 2010, currently operates a pilot-scale R&D plant near Heathrow, in the UK, where it is conducting feasibility testing of feedstock and offtake, as well as process parameter tuning and product quality optimisation. Just recently, Itero also joined Chemical Recycling Europe, the association established in 2019, to represent the European chemical recycling industry and support the development of the infrastructure and policy required for the chemical recycling industry.
Its new demonstration plant will be able to process 27,000 tonnes of residual plastic waste annually, equivalent to the total amount of plastic packaging waste generated by the population of Amsterdam municipality per year. The proprietary pyrolysis process developed by Itero converts plastic waste into high-value chemical products while diverting end-of-life plastics from landfill and incineration, reducing consumption of crude oil. The chemical products are used as feedstock in the production of virgin-quality plastics, which can be retained again and again in the circular economy through the same process.
Rotterdam-based Infinity Recycling is an investment manager that helps advanced recycling companies with the upscaling and commercialisation of their technologies and in growing the market for recycled polymers. The company was established by Jan Willem Muller and Jeroen Kelder to bring a return-driven approach to sustainability. To that end, the focus is on securing suitable waste streams and managing the marketing of output through pricing options and by structuring steady and scaled offtake contracts.
Infinity Recycling’s Circular Plastics Fund, an Article 9 ‘dark green’ impact fund – the highest designation under the EU’s Sustainable Finance Disclosure Regulation (SFDR) – is committed to driving ESG impact.
“Infinity Recycling is excited to anchor this investment round and help Itero with the upscaling of its technology and process,” said Jeroen Kelder, managing partner, Infinity Recycling B.V.