Enviroo has secured £58 million towards construction of a plastics-recycling plant in Cheshire.
The London-based firm said the cash would enable it build the PET reprocessing facility at Ince Marshes near Ellesmere Port.
Asset manager Reichmuth Infrastructure has agreed to finance construction of the plant, which Enviroo received planning consent for in 2021. The project also received a £1m grant from local councils.
Yorkshire-based broker Clearpoint Recycling will be the exclusive supplier of PET to the facility, which will be operational by 2027 and process up to 35,000 tonnes of plastic per year.
Not-for-profit body Recoup worked with Enviroo to validate the credentials of the market for investors.
This included cross-referencing third-party industry reports, assessing market feasibility and compiling a central repository of information on waste management trends and recycling policy.
Enviroo chief executive Ahmed Detta said: “Recoup offered us invaluable knowledge and expertise as we sought funding. With evidence-backed insights we could demonstrate a stable and growing market for PET recycling and navigate current waste management policies and regulations.”
Stefan Hasenböhler, head of infrastructure at Reichmuth, added: “The recycling of PET bottles is an excellent example of our investment approach in sustainable infrastructure.”
