EcoMachines Incubator, a seed fund and accelerator for startups in the energy and resource efficiency space, has announced its investment in Recycling Technologies, a company that recycles plastic and waste into PlaxOil™, a clean heavy fuel oil alternative.
Based in Swindon, Recycling Technologies produces machines that convert mixed plastic waste, destined for landfill or incineration, into an oil that may be sold or used as a fuel in localised on demand combined heat and power facilities.
Ilian Iliev, CEO of EcoMachines said: “We have chosen to support Recycling Technologies because they provide an innovative and practical solution to the world’s pressing plastic waste problem. Plastic is one of humanity’s most useful inventions, yet plastic waste is one of today’s major environmental pollution problems”.
“At a time of flux in the waste industry, the company’s team impressed us with their vision and growth ambitions. We are excited that Recycling Technologies are joining our Accelerator programme. We will be working with the company to help it access target markets and scale its waste to oil model in the UK and beyond”, he added.
Unlike other waste streams such as glass, paper and separated plastics such as PET, HDPE .etc. most mixed plastic waste is currently not recycled. Approximately 30 million t of plastic waste goes into landfill or incineration in the EU every year because it is mixed. By converting the waste into oil that can be sold or used to produce heat and power on site, Recycling Technologies’ machine turns an environmental problem into a valuable resource.
Adrian Griffiths, founder and Managing Director at Recycling Technologies said: “We are delighted to be working with EcoMachines Incubator. EcoMachines’ investment and support will help the company to accelerate, bringing this exciting technology to the market quickly. It’s nice to be a part of something that will have huge environmental benefits as well as providing exciting shareholder returns”.
Recycling Technologies was spun out from the University of Warwick in 2011. In early 2013, the company opened its research and development and production facilities in Swindon to develop and manufacture the WarwickFBRTM, its patented molecular recycling system. The units are capable of processing up to 7000 tpy of waste.
Recycling Technologies is currently building a pilot plant in Swindon, UK, and is already in advanced discussions with a large number of potential customers and industry partners in the UK and wider markets.
Adapted from a press release by Emma McAleavey.
Read the article online at: https://www.oilfieldtechnology.com/product-news/03102014/new-technology-converts-waste-plastics-to-fuel-132/