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Recycling Technologies Group Ltd plans London IPO as seeks to mass produce its plastic recycling machine

The RT7000 recycles plastic waste into Plaxx®, a valuable chemical feedstock that can be used to make new virgin quality plastic, as well as waxes and other chemicals

Recycling Technologies Group Ltd said it plans an initial public offering to raise gross proceeds of up to £40mln and to seek admission to trade on London’s Alternative Investment Market in December 2021.

The UK-based engineering, research and manufacturing company has developed the RT7000 machine, which processes hard to recycle plastic waste into a synthetic oil that can be sold back to the petrochemicals industry as a chemical feedstock to make new plastics. 

The machine’s small-scale design enables it to be integrated within existing waste management infrastructure.

The first commercial scale RT7000 will be located at Binn Eco Park in Glenfarg, Scotland with operations expected to begin 12 months after the company’s admission to AIM. Recycling Technologies said it has identified a strong pipeline of subsequent projects and customers.

“In our quest for a sustainable, low carbon existence, we will need plastic,” said chief executive Adrian Griffiths. “It is typically a lower carbon alternative than other materials in many applications and so we need to quickly build capacity to recycle it, in a way which emits the least carbon.

“Recycling Technologies’ technology, built into the RT7000 machine, will be mass produced to provide such recycling capacity.”

Approximately 368 million tonnes of plastic were produced globally in 2019, according to Plastics Europe. Forecasts from a McKinsey report in 2018 suggested that this figure will reach at least a billion tonnes by 2050 and that only around 12% of the plastic waste is recycled each year, with the rest being buried in landfill, burned, or leaked into the environment.

 

Read More: Recycling Technologies Group Ltd plans London IPO as seeks to mass produce its plastic recycling machine

2021-11-08 04:49:00

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