Recycling Technologies has announced a £1 million equity investment from energy trader InterChem.
The company used fund raising campaign Crowdcube and has attracted support from over 1,400 investors.
InterChem’s investment brings the total amount raised to date to just under £3.4 million, which is close to Recycling Technologies’ current cap of £3.7 million.
Recycling Technologies chief executive Adrian Griffiths said: “We are delighted to announce this important £1 million investment from InterChem. We anticipate this investment will lead to further business opportunities with InterChem including the sale of Plaxx to its polymer manufacturing client base.
“We are very grateful for the tremendous investor support from InterChem and all our investors from Crowdcube who will support the growth of the business to provide a commercial solution to chemically recycle waste plastic.”
InterChem chief executive Robert Langstraat said: “We see great value in Recycling Technologies’ solution for recycling plastic waste. The talented management team have developed a commercially attractive solution to recycle plastic which has the potential to scale rapidly. We look forward to supporting Recycling Technologies to build a business that will provide industrial quantities of recycled plastic feedstock, critical for the future of plastics manufacturing.”