Swindon based Recycling Technologies to launch on London Stock Exchange's AIM

Recycling Technologies, a company spun out of the University of Warwick in 2012 and now based in Swindon, has announced its intention to float on the Alternative Investment Market (AIM) of the London Stock Exchange.

The company has developed a modular and mass producible machine, the RT7000, which processes hard to recycle plastic waste into a synthetic oil that can be sold back to the petrochemicals industry as a chemical feedstock to make new plastics. Its modular, small-scale design enables integration with existing waste management infrastructure, providing a scalable solution to recycle plastic waste anywhere in the world.

Adrian Griffiths, Founder and CEO of Recycling Technologies, said: "In our quest for a sustainable, low carbon existence, we will need plastic. It is typically a lower carbon alternative than other materials in many applications and so we need to quickly build capacity to recycle it, in a way which emits the least carbon. Recycling Technologies’ technology, built into the RT7000 machine, will be mass produced to provide such recycling capacity. Our innovative team and engineering expertise will provide a step change in the story of plastic; this fundraising is an important step in writing the next chapter. "

Recycling Technologies has a demonstration testing facility based at Swindon Borough Council's recycling facility, where it has been operating since 2018.

The company has so far raised at least £23.3 million in equity investment, across 13 funding rounds, plus more than £6 million in innovation grants. In March 2020, it secured a £8.69 million equity fundraising from Mirova and Neste, at a pre-money valuation of £33.7 million.

Recycling Technologies intends to proceed with an IPO to raise gross proceeds of up to £40 million.

In April this year, Recycling Technologies announced that it had partnered with chemicals giant Ineos and global materials company Trinseo to progress plans for the first polystyrene recycling plants in Europe.

Prior to building the commercial scale recycling plants, a PS recycling pilot plant will be built in the UK in 2022, and the technology will be further developed jointly by the three parties. The pilot plant will provide information and data related to chemical recycling and operations to support future development of the commercial scale recycling plants.

Ineos Styrolution plans to build its full commercial scale recycling facility in Wingles, France. Trinseo announces its plan to build its own plant in Tessenderlo, Belgium, which is expected to be operational in 2023. Each plant would aim to convert 15kT/y of PS waste into recycled styrene.

The company plans to mass-produce and sell the RT7000, providing the global waste industry with a new revenue stream from existing waste plastic that is currently put into landfill or incinerated, often at a significant cost to the waste manager.

And it has secured more key industry and financial partners, including Neste, the US $40billion petrochemicals company, currently ranked 4th most sustainable company globallyo, Althelia Sustainable Oceans Fund, an impact investor aiming to assist in installing RT7000’s in underdeveloped regions to reduce plastic leakage into the world’s oceans. Consumer goods companies Mars,Nestlé and Unilever are partnering inr ecycling projects and trials across the plastic value chain.

The first commercial scale RT7000 will be located at Binn Eco Park in Glenfarg, Scotland and the company has identified a strong pipeline of subsequent projects and customers. It is also developing a project in Indonesia, supported with funding for a feasibility study from the Alliance to End Plastic Waste, an alliance of more than 60 companies in the plastic value chain.