UK green technology company Recycling Technologies has announced its intention to float on London’s junior AIM market in an £40m IPO.
Founded in 2011 by automotive engineer Adrian Griffiths, Recycling Technologies’ main product is a mass producible machine, called the RT7000, which processes plastic waste into a synthetic oil that can then be sold back to the petrochemicals industry to make new plastics.
The current RT7000 design produces approximately one third of the carbon dioxide that energy from waste does for each tonne of plastic processed.
The company expects to float in December, and plans to use the proceeds to mass produce and sell the RT7000.
Recycling Technologies has racked up a list of commercial partners for its plastic recycling technologies, including consumer goods companies Mars, Nestlé and Unilever.
The green tech company deems its business model a “unique proposition to the market by providing an economically
attractive and scalable solution to a global problem, turning what is currently waste into a valuable
Its first commercial scale RT7000 machine is expected to be up and running 12 months after the firm’s IPO, and will be located at Binn Eco Park in Glenfarg, Scotland.
Recycling Technologies said it has a “strong pipeline of subsequent projects and customers” beyond this first project.
Thus far, the group has funded its technology through Crowdcube and private placements of capital, and it is currently backed by Finnish petrochemicals group Neste and environmental investor Mirova.
“In our quest for a sustainable, low carbon existence, we will need plastic. It is typically a lower carbon alternative than other materials in many applications and so we need to quickly build capacity to recycle it, in a way which emits the least carbon,” said CEO Adrian Griffiths.
“Recycling Technologies’ technology, built into the RT7000 machine, will be mass produced to provide such recycling capacity.
“Our innovative team and engineering expertise will provide a step change in the story of plastic; this fundraising is an important step in writing the next chapter.”