M&G announces it has become the latest investor into Plastic Energy, a global leader in chemical recycling, as the firm raises €145 million from investors to accelerate its growth and expand its technology and portfolio of recycling plants.
Plastic Energy’s patented and proven chemical recycling technology converts end-of-life plastic waste into a resource (TACOIL) for making virgin-quality recycled plastics. The company currently has two chemical recycling plants that are in constant operation in Spain, another plant currently under construction with SABIC in the Netherlands and two plants in France: one with partner TotalEnergies, and another currently under construction, with a collaboration offtake agreement with ExxonMobil.
Plastic Energy has agreements with major brands and companies in the chemical sector and recycled plastic made from its process has already been incorporated into packaging and products for brands such as Unilever and Tupperware.
The investment has been made by M&G’s Catalyst strategy, which is investing up to £5 billion into privately-owned businesses where capital is required to drive innovation and impact to create a more sustainable world.
Carlos Monreal, Founder and CEO of Plastic Energy, says: “I am excited about our 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 circular economy.”
Alex Seddon, Head of M&G’s Catalyst Team, comments: “The proliferation of waste plastic is a blight on our natural environment and is on an alarming course – with predictions that plastic in the ocean alone will outweigh fish by 2050. Plastic Energy is assisting the circular economy by breaking the chain of adding more new plastic to the eco-system and, importantly, keep more end-of-life plastics away from landfill and our oceans.”