Dutch PET recycling start-up Umincorp has taken its fundraising up to a total of €40 million (£45.6 million) that will enable it to build a facility in Rotterdam.
The latest €5 million (£5.7 million) was provided by The Netherlands’ National Green Fund.
By using magnetic density separation (MDS) technology for sorting plastic household waste and other innovative recycling processes, Umincorp said its approach leads to higher recovery and high-quality circular plastics. It also reported that more than 80% of CO2 emissions are avoided compared to conventional methods.
Umincorp chief executive and founder Jaap Vandehoek said: “We see that Umincorp continues to attract large investments because our combination of innovation and results can surpass traditional recycling techniques on a large scale.
“It proves there is a lot of confidence in our technology and philosophy, and with that also future prospects. We want to maintain that momentum by continuing to invest now and in the future in our techniques, people and facilities to become the market leader in this sector.
“This allows us to recycle sustainable plastic on an even larger scale, replace virgin plastic where possible, and most importantly, drastically reduce the CO2 impact of plastics.”
As well as beginning the construction process for the PET facility in Rotterdam, Umincorp will also invest in the optimisation of its existing sorting and recycling facility in Amsterdam. It is also investigating the location for its next large combined sorting, recycling and compounding facility, which may be in The Netherlands or elsewhere.