A €30 million (£26 million) investment has been made by Koch Technology Solutions (KTS) in Dutch advanced PET recycling business Ioniqa.
As a result of the investment, Ioniqa and KTS will partner to scale up and commercialise the process that will turn low value, post-consumer PET into a virgin-like material.
Ioniqa already has a 10,000 tonnes per annum production facility in the Netherlands.
KTS and Ioniqa will work together to turn currently non-recyclable PET into food grade material for use in bottles.
Ioniqa chief executive and founder Tonnis Hooghoudt said: “After the scaling of our technology to a 10,000 tonnes per year depolymerisation plant in The Netherlands, this KTS partnership is a major stepping stone for Ioniqa in commercialising its technology on a global level.
“Our expertise in breaking down plastic waste into virgin-like monomers matches seamlessly with KTS’ track record in designing and licensing PET production processes worldwide. We believe that together we can meet the strong market demand for recycled PET materials by jointly providing licenses and cleaning up the planet.”
KTS is a subsidiary of Koch Engineered Solutions, which in itself is a subsidiary of Koch Industries, which is one of the largest private companies in the world.