Recycling Technologies Ltd, specialists in feedstock recycling of residual plastic waste, has today been named as one of Britain’s fastest growing companies in a report from online equity investing platform SyndicateRoom.
The SyndicateRoom ranking of UK high growth business was carried out by Beauhurst, a research body for the UK’s most ambitious startups, scale-ups and high-growth companies, and is based on the increase in company valuation from 2015-2018. According to the report, Recycling Technologies has grown in value by a multiple of 9.7 over the period.
Recycling Technologies is building robust momentum as the urgency of addressing the global plastic waste problem is realised. The company has recently opened a new 25,000 sq ft factory facility and headquarters in Swindon and aims to tripleEurope’s current plastic recycling capability*by 2027 through the provision of 10 million tonnes of urgently needed new waste plastic recycling capacity.Recycling Technologies’ latest funding roundrecently launched and has already reached more than £1M in just 6 days from over 400 investors, demonstrating keen investor interest in the business.
Turning the tide on plastic waste
Interviewed in the report, Adrian Griffiths, CEO of Recycling Technologies, explains the “lightbulb moment” that led to the company’s launch: “Just 10% of plastic packaging is being recycled mechanically, leaving 90% of this amazing material to be burned, buried or lost into the environment. We sat down and asked, ‘how hard can it be to do better?”
The answer is the RT7000, a plastics recycling machine developed and patented by Recycling Technologies that converts plastic waste back into oil called Plaxx®from which new plastics can be made. The machine heats up the plastic in the absence of oxygen to break the waste plastic down into Plaxx®. This process allows the RT7000 to recycle plastics commonly considered unrecyclable such as plastic film, and laminated plastics such as food pouches and even crisp packets. These unrecyclable plastics are currently incinerated or buried. Furthermore, the RT7000s are modular, allowing them to be transported and installed within existing waste management facilities where the majority of the residual plastic waste already arises. By taking the solution to the problem, financial and environmental costs of transporting residual plastic waste to an incinerator or landfill are reduced. The Company has a pilot plant, the Beta Plant, in Swindon that is processing mixed plastic waste and produces Plaxx®.
Recycling Technologies is part of “UK Techsplosion”
Recycling Technologies is one of the 73% of the Top 100 fastest growing businesses in the technology/IP-based category, an increase from just 44% last year. The report notes that the UK tech startup scene is one of the fastest growing in Europe and the sector is expanding 2.6 times faster than the rest of the UK economy. Commenting on Recycling Technologies’ inclusion in the rankings Francesca O’Brien, Head of Private Markets at SyndicateRoom
“The UK has a long history of successfully applying technology to solving some of the world’s most pressing challenges. Companies such as Recycling Technologies are driving a culture of research and innovation which, coupled with sound commercial acumen, is reflected in its performance as one of Britain’s fastest growing scale-up businesses.”
Reflecting on Recycling Technologies’ performance Adrian Griffiths said, “The RT7000 is a commercially valuable solution to one of the world’s most pressing environmental challenges and has generated significant interest from investors and the international waste management community, leading to our strong growth over the past three years. 2019 will be a pivotal year for us as we establish our assembly line to produce the RT7000 and bring the first commercial machine on stream in a facility in Scotland.”