Plastic Energy has completed raising €145 million (£124 million) from three investors to rapidly expand its technology and global portfolio of recycling plants.
The investors were LetterOne, Axens and M&G.
Headquartered in the UK, Plastic Energy has two operational plants in Spain and several facilities under construction in France and the Netherlands.
It also has agreements in place with SABIC, TotalEnergies and ExxonMobil to use its technology, as well as with Unilever and Upperware to use its chemically recycled plastic.
Plastic Energy founder and chief executive Carlos Monreal said: “I am excited to announce Plastic Energy’s successful institutional fundraise and new investors, which will ensure our company’s success for the future.
“It is encouraging to have the support of these global companies who share our vision in reducing plastic waste and have confidence in our patented and proven chemical recycling technology.
“This investment will have a big impact, enabling us to recycle more plastics globally and build a more sustainable and circular economy.”