Infinity Recycling raises €175M to drive advanced recycling projects throughout Europe
16 May 2024 --- Infinity Recycling (IRC) has closed its Circular Plastics Fund (CPF) after securing €175 million (US$190 million) in committed capital from investors and value chain partners. Launched in February 2022, the project’s initial aim was to raise €150 million (US$163 million) to develop advanced recycling projects.
With the close of the CPF, the IRC says it has built a “unique position” as an accelerator for a circular economy.
To date, the CPF has invested in five portfolio companies — Pryme, Itero Technologies, Clariter, DePoly and Ioniqa — deploying over €45 million (US$48.9 million). These companies specialize in developing advanced plastic recycling technologies like pyrolysis.
“The support for new technologies and their scaling up is paramount in enabling additional capital to enter the market and support the transition toward a circular economy,” says Jan Willem Muller, managing partner at IRC. “By fostering innovation and scalability, we unlock the potential for greater investment, accelerating our collective journey toward a more sustainable future.”
Circular investors
IRC says its ability to provide both capital and operational expertise has enabled “long-term value creation” and is generating promising economic and environmental returns.
IRC is backed by institutional investors since the fund's last close in December, including Dutch insurance group ASR, Danish philanthropic association Realdania, ING Sustainable Investments (the sustainable Investments arm of ING), Danish investment and holding company KIRKBI and the impact investment initiative of Swiss company Après-demain.
“The strong interest from institutional investors, keen to make an environmental impact, is a clear endorsement of our mission: catalyzing the world's transition to a circular economy of materials,” says Jeroen Kelder, managing partner at Infinity Recycling. “We are thankful for the confidence of the limited partners in our unique investment focus and quality of execution.”
The CPF is categorized as an Article 9 Dark Green Impact Fund under the EU’s Sustainable Finance Disclosure Regulation, meaning the majority of capital is pledged for ESG-focused investments.
Propelling advanced recycling tech
The funds were established to help accelerate a circular packaging economy by scaling up advanced recycling technologies and strengthening their business backers.
IRC says the successful fundraising is a testament to the growing enthusiasm among institutional investors for impactful investment opportunities in the circular economy.
This coincides with the recent passing of the European Packaging and Packaging Waste Regulation, which also paves the way for advanced recycling to be counted as recycling.
“By valorizing residual waste streams into primary commodities used in the production of new materials, CPF's investments play a pivotal role in fostering sustainability and decarbonization of the chemical industry,” says the IRC.
By Louis Gore-Langton
