Taranis announces multi-million investment in chemical recycler for carbon circularity
23 Apr 2024 --- Taranis Investment is investing €10 million (US$10.7 million) into Pryme, a cleantech company specializing in converting waste into plastic products through a fully electrical pyrolysis technology on an industrial scale.
Pryme has developed a new cost-effective approach to pyrolysis that allows used plastic to be recycled with a high conversion rate on an industrial scale and with a lower carbon footprint than other recycling methods.
Taranis’ investment will enable Pryme to accelerate the roll-out of its technology to reduce the incineration and landfilling of hard-to-recycle plastic. The investment also aligns with the Taranis Carbon Ventures fund’s thesis of supporting the development of innovative technologies enabling carbon circularity.
Emmanuel Colombel, Taranis Investment’s CEO, says: “Supporting growth companies in the field of plastics recycling is an important strand to Taranis Carbon Ventures’ investment strategy. As such, we are pleased to be making an investment in Pryme and supporting the roll-out of its innovative and low-carbon technology.”
“The team at Pryme is optimizing the pyrolysis process and has the potential to make a significant impact in addressing the hard-to-recycle plastic waste streams. We look forward to following up on our financial support by bringing our technical and commercial experience as a new shareholder in Pryme.”
Christopher Hervé, CEO of Pryme, adds: “We are excited to welcome Taranis Investment as a new shareholder in Pryme. Taranis and its parent company, the Perenco Group, are ideal partners for Pryme with their significant experience in conducting large-scale industrial projects, technical expertise and focus on and dedication to technology-driven carbon footprint reduction and circularity.”
Pryme is currently in the early production phase of its first industrial-scale unit, Pryme One, located in Rotterdam, the Netherlands, positioning the company as an EU “front-runner” in the chemical polyolefins recycling landscape.
Edited by Natalie Schwertheim
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