Warwick spin-out recycles investment

Recycling Technologies, a cleantech spin-out of Warwick University, has secured an investment from incubator and accelerator EcoMachines. Unnamed business angels also participated.

The exact amount of the seed round has not being disclosed. However, EcoMachines typically invests £100,000 ($162,000) initially and follows that with a further £500,000 ($810,000) at the end of its accelerator programme.

Recycling Technologies was spun out in 2011 and commercialises technology which turns mixed plastic waste into a product it calls PlaxOil, a clean heavy fuel oil alternative, which can be used in combined heat and power facilities. The EU currently burns or puts into landfills some 30 tons of plastic waste, an environmental problem the spin-out is hoping to solve.

A pilot plant is being built in Swindon, UK, and the company is in advanced discussions with industry both in the UK and foreign markets.

Adrian Griffiths, founder and managing director at Recycling Technologies, said: “We are delighted to be working with EcoMachines Incubator. EcoMachines’ investment and support will help the company to accelerate, bringing this exciting technology to the market quickly. It is nice to be a part of something that will have huge environmental benefits as well as providing exciting shareholder returns.”