UK-based plastic recycling machine developer Recycling Technologies has raised €5m from oil processing and marketing firm Neste as part of a €10m ($11.4m) funding round.
The other €5m was supplied by Althelia Sustainable Ocean Fund, a vehicle managed by impact investment firm Mirova, and the company has now secured $21m in funding to date.
Founded in 2011, Recycling Technologies has built a system that uses advanced thermal cracking to generates oil feedstock from plastic waste which is difficult to process with mechanical recycling methods.
The company recently launched its first commercial machine at a site in Scotland and has formed a technology development and supply agreement with Neste.
Energy trading firm InterChem invested $1.4m in Recycling Technologies in early 2018, about the same time as the company raised $5.2m in an equity crowdfunding at a $41m valuation. Another equity crowdfunding campaign had closed at $2.1m two years earlier.