UK recycling startup CIRCTEC has raised €150 million to construct Europe’s largest end-of-life tyre pyrolysis recycling facility in Delfzijl, the Netherlands.
The funds include a €75 million equity investment led by Novo Holdings and A.P. Moller Holding and €22.5 million of grants awarded by the Government of the Netherlands.
Discarded tyres pose significant environmental and health risks, accumulating in landfills, and polluting ecosystems with toxic substances.Â
CIRCTEC has developed a proprietary technology for decomposing old tyres through pyrolysis (a process that transforms waste into valuable circular materials through thermal decomposition in an oxygen-free environment), and for upgrading the products to high-quality recycled chemicals and renewable fuels.
Allen Timpany, Co-founder and CEO of CIRCTEC, said:
“We are very pleased to welcome Novo Holdings and A.P. Moller Holding to our board to continue our growth journey together.
The success of this new investment round gives us the partners that will enable us to take CIRCTEC to the next level in realising our goal of scaling sustainability. Bringing our technology to a global scale will generate meaningful contributions to the sustainability of the planet.â€Â´
Anders Spohr, Senior Partner, Bioindustrial Investments, Novo Holdings, said: ´
“CIRCTEC is the global leader in end-of-life tyre pyrolysis, and thanks to its unmatched proprietary technology, the Company is on a rapid growth trajectory that will now be further accelerated.â€
Chetan Mehta, Head of Growth Equity, A.P. Moller Holding, said:
“The overall green transition of our societies will require trillions of dollars to be invested in the coming years and decades. Capital at this scale can only be activated if investor returns are commensurate for the risks taken.â€
At full capacity, the Delfzijl plant will be able to tackle approximately 5 per cent of the 3.6 million tons of end-of-life tyres that are generated in Europe annually.
Lead image: CIRCTEC. Photo: uncredited.Â
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