A Scottish startup company has secured the first round of funding for its project to get a new plastic recycling system off the ground.
According to Scottish Enterprise, ReVentas secured its Series A funding from a series of venture capital firms and the Scottish national economic development agency to build a plant to help recycle two of the most commonly produced forms of plastic: polyethylene and polypropylene.
These two forms of plastic account for over 50% of the plastic produced around the globe.
ReVentas has developed a chemical recycling system that breaks down plastic, removing contaminants, color, and odor, before transforming it into plastic that is just as useful as newly produced plastics for the consumer.
Plastic pollution is an endemic global problem, in large part because the petroleum-based products don't break down naturally. Instead, they break apart into smaller and smaller fragments known as microplastics, which have been linked to myriad health and environmental concerns.
Polyethylene and polypropylene are particularly tricky because they aren't easily recycled. Polypropylene, in particular, requires unique facilities compared to other kinds of plastic, while polyethylene tends to get increasingly fragile when it's recycled.
If ReVentas' system can be scaled up to a commercial level, it will allow for more effective widespread plastic recycling while reducing the amount of new plastic that needs to be created, giving it a twofold environmental benefit.
"This investment marks a major milestone for ReVentas and in moving the recycling of plastic forward," said Tom Rose, CEO of ReVentas.
"Plastics are an essential part of our world, but so far, the industry has failed to provide workable solutions at scale to deal with the impact they have on our environment. ReVentas are providing a simple solution which can change this, ensuring the waste we produce today can and will be directly used in the products we buy tomorrow."
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