The share capital owned by EcoMachine Ventures in plastics recycler Recycling Technologies has been sold to a private investor.
In May 2014, EcoMachines Ventures invested in Recycling Technologies providing seed capital for its technology, which converts mixed residual plastic waste into a chemical feedstock.
Based in Swindon, Recycling Technologies builds and operates machines that convert mixed plastic waste that would normally be destined for landfill or incineration into its trademarked Plaxx product, which is a valuable recycled hydrocarbon.
Plaxx can be used as a fuel for energy generation, for low sulphur marine propulsion or as feedstock for polymer production.
Each machine can recycled 7,000 tonnes of mixed plastic waste per year.
EcoMachines Ventures chief executive Illian Illiev said: “We invested in 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. We are proud of the developments made at Recycling Technologies and leave the business in excellent shape for the future commercial roll-out of their technology.
“This investment is a prime example of our investment strategy not only in terms of sector but also in nurturing and developing a team and its technology for the next stage of their growth. The realisation of this, our first exit, is also a great result for our investors.”