LONDON, UK: Recycling Technologies announced its intention to proceed with an initial public offering (IPO) to raise gross proceeds of up to £40 million on the AIM market of the London Stock Exchange. Recycling Technologies expects Admission to occur in December 2021.
Recycling Technologies Limited is a UK-based engineering, research and manufacturing company that has developed a modular and mass producible machine, the RT7000, 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.
Its modular, small-scale design enables integration with existing waste management infrastructure, providing a scalable solution to recycle plastic waste anywhere in the world.
The Company’s mission is to make plastic sustainable and to support the critical global drive towards a circular economy.
Approximately 368 million tonnes of plastic were produced globally in 20191, with forecasts suggesting this will reach at least a billion tonnes by 20502. Only around 12% of the plastic waste arising is currently recycled each year, with the remaining 88% being buried in landfill, burned, or leaked into the environment2.
The Company plans to mass-produce and sell the RT7000, providing the global waste industry with a new and attractive revenue stream from existing waste plastic that is currently put into landfill or incinerated, often at a significant cost to the waste manager.
The Company believes that it offers a unique proposition to the market by providing an economically attractive and scalable solution to a global problem, turning what is currently waste into a valuable revenue stream.
Given the benefits of Recycling Technologies’ unique combination of technology, business model and its excellent partnerships across the value chain, the Company believes it is well positioned to deliver rapid growth for its shareholders whilst helping to turn plastic into a sustainable material.
Adrian Griffiths, CEO of Recycling Technologies, commented: “In our quest for a sustainable, low carbon existence, we will need plastic. 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. Our innovative team and engineering expertise will provide a step change in the story of plastic; this fundraising is an important step in writing the next chapter. “
