Recycling Technologies, a specialist in the chemical recycling of mixed plastic waste has attracted support from over 1,500 investors, including existing investors, strategic investors and members of the public.

After opening to investors on the crowdfunding platform Crowdcube to raise a target of £1.2million, it was oversubscribed by more than 300 per cent, reaching its cap of £3.7million in just over two weeks.

A substantial investment of £1million from InterChem, a global petroleum and petrochemicals trader, meant that the round closed nine days before the scheduled close date.

Recycling Technologies’ innovative RT7000 machine recycles mixed plastic waste, including those considered unrecyclable such as films, coloured and laminated plastics, crisp packets and food pouches.

The RT7000 recycles this broad range of plastic waste into a valuable oil commodity, called Plaxx, which replaces fossil-fuel derived feedstock in new polymer production and industrial waxes.

Recycling Technologies aims to add 10 million tonnes of plastic recycling capacity, worldwide, by installing 1,300 RT7000 machines by 2027.

“We are very grateful to all our investors for their tremendous support and thank them for their backing of the team at Recycling Technologies,” Adrian Griffiths, CEO at Recycling Technologies.

“This is an important first step to change the story of plastic providing a commercial solution to chemically recycle waste plastic currently blighting the World’s environment. We can now accelerate our operations and acquire a facility to assemble the RT7000 machines.”

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