Grangemouth-based Influence Recycling, a plastic recycling firm that recovers high-purity recycled polymers from post-consumer waste, has obtained a €3.8 million follow-on funding from VC agency IW Capital.
David Walsh, CEO of Influence Recycling, mentioned: “This funding marks a major milestone in our journey. With sturdy demand from world companions and our licensing mannequin gaining traction, we’re well-positioned to scale our operations. We’re thrilled to have IW Capital’s help as a companion as we develop the enterprise and our market presence.”
Based in 2014, Influence Recycling has developed and commercialised a patented water-based density separation know-how often called BOSS (Baffled Oscillation Separation System). This course of separates blended plastic waste into two high-purity output streams: polyethylene (PE) and polypropylene (PP) – every reprotedly exceeding 95% purity.
The corporate says it’s their potential to recycle each inflexible and versatile plastics that positions it as a singular firm within the mechanical recycling house.
With operational vegetation in Glasgow and Peterlee, Influence Recycling serves a rising base of UK and European purchasers throughout the healthcare, packaging, and waste administration sectors.
Its Glasgow website specialises in recycling medical plastic waste from the NHS, whereas its Peterlee website was not too long ago expanded to incorporate a state-of-the-art facility able to recycling versatile movie packaging – a problem that has eluded many conventional recyclers, in line with Influence Recycling.
In November 2023, Influence Recycling obtained a grant from Innovate UK and a €8.2 million mortgage from Nestlé, which supported the event of its recycling facility.
The next 12 months, in January 2024, Influence Recycling signed a licence settlement with Syklo, a Finnish round economic system enterprise, for Syklo to construct and function two 25,000-ton BOSS vegetation in Finland. As soon as operational, the plant will reprotedly improve the nation’s plastic recycling capability by as much as 50%.
LG Chem, a Korean chemical firm, are additionally a shareholder with whom Influence Recycling have signed a licence settlement.
IW Capital’s additional funding in Influence Recycling takes place amongst a backdrop of regulatory tailwinds, such because the EU’s Plastic Packaging and Plastic Packaging Waste Directive which is aimed toward decreasing the environmental impression of plastic packaging and requires 35% recycled content material for use in any plastic packaging by 2030, rising to 60% by 2040.
The corporate will use the brand new funding for enterprise improvement and to proceed scaling its enterprise in present and new markets.
Commenting on the funding, Alan Armstrong, Chairman of IW Capital and Head of Funding, mentioned: “Influence Recycling exemplifies the form of enterprise we’re proud to help – deeply revolutionary, commercially confirmed, and taking part in a crucial function in the way forward for sustainable supplies. Their proprietary BOSS know-how and powerful buyer traction make them a standout alternative in a market present process fast regulatory and consumer-driven change.”
