Ioniqa Technologies, a recycling spinout of Dutch Polymer Institution and Eindhoven University of Technology, has raised €2.5m ($2.79m).
The funding round was led by new investor Chemelot Ventures, which was joined by existing investors. Ioniqa last held a round in 2014, where it secured €300,000 from innovation fund backed by Eindhoven and state sources Bright Move and Eindhoven’s Innovation Lab.
Ioniqa, launched in 2009, is developing a cleantech technology which is aiming to process all grades of PET plastics into raw materials, allowing for PET to be 100% recycled.
Tonnis Hooghoudt, CEO of Ioniqa Technologies, said: “Chemelot Ventures’ contribution is a major milestone in the financing of Ioniqa’s upscaling to industrial level and building a mini plant. With our game-changing chemical recycling process we are able to contribute to the circular economy by converting coloured post-consumer PET into pure and clear raw materials for ‘virgin’ PET. We note strong interest from many stakeholders in the circular economy, including leading multinationals. I am confident that we can convert this strong interest into an attractive and sustainable operational business.”
