London-based chemical recycling solutions company, Itero has raised €6 million in funding. The round was led by the Netherlands-based Infinity Recycling’s Circular Plastics Fund (CPF), which invested €5 million, and will support the design and construction of Itero’s first at-scale demonstration plant located at the Brightlands Chemelot Campus in Geleen.
The plant will be able to process 27,000 tonnes of residual plastic waste annually, equivalent to the total amount of plastic packaging waste generated by the population of Amsterdam municipality per year.
Founded in 2010, the proprietary pyrolysis process developed by Itero converts plastic waste into high-value chemical products while diverting end-of-life plastics from landfill and incineration, reducing the consumption of crude oil. The chemical products are used as feedstock in the production of virgin-quality plastics, which can be retained again and again in the circular economy through the same process.
Itero CEO Simon Hansford, said, “Maintaining public goodwill and responding to environmental concerns about plastic waste, requires a process to recycle plastic safely, sustainably, and economically. Itero is working to provide a solution to that problem.
“The Circular Plastic Fund's capital commitment is the next step in our strong collaboration and paves the way for the next phase in Itero's exciting evolution,” Jeroen Kelder, managing partner of Infinity Recycling B.V. added.