East London-based plastics firm Closed Loop Recycling is to install new machinery to purify its plastics at its Dagenham facility.
The company has secured £12 million in debt and equity that will lead to the technology coming online in September 2013. This is in addition to the extension of the facility currently taking place.
Deputy Prime Minister Nick Clegg announced the plans at a UK Trade & Investment conference in London and gave his backing to the facility.
Closed Loop Recycling chief executive Chris Dow said: “We’re in the middle of the Olympics, which is happening only a javelin-throw from our doorstep and we are proud to be one of its success stories.
“We were in the original bid book which helped London win the Olympics back in 2005 and now seven years later we’ve got one of the best plastic-recycling facilities in the world right here in London. The Olympics can lay claim to stimulating development of some very high-tech infrastructure investment, winning gold medals on every front.”