Brown Rudnick Advises Recycling Technologies on EUR10 Million Fundraising
PUBLISHED ON: 04/08/2020
Brown Rudnick LLP advised Recycling Technologies Limited on the company’s EUR 10 million Series A part-closure. Recycling Technologies turns hard-to-recycle plastics into an oil used for new plastic production. Investors include Neste Oyj and Althelia Sustainable Ocean Fund SICAV-SIF. The Brown Rudnick deal team included Neil Foster, Sarah Melaney and Max Binney.
Adrian Griffiths, CEO and Founder of Recycling Technologies said: “We have worked with Neil’s team for several years. They’ve been great partners along the way, advising us not only on our largest financing deal to date, but also our joint technology development and off-take deals with Neste. We understand that this was Sarah, Neil and Tim’s first deal completion since they joined Brown Rudnick too, which is another milestone for them.”
Neil Foster, Partner at Brown Rudnick LLP said: “We are proud to have advised Recycling Technologies on their recent financing, off-take and licensing deals. RT’s technology can make a substantial and lasting contribution to the circular economy on a global basis. They are working in partnership with Neste and the Sustainable Ocean Fund to make a significant reduction in single use plastic, which so often ends up in our rivers and oceans.”
About Recycling Technologies
UK-based company, Recycling Technologies, is on a mission to accelerate the evolution of plastic into a more sustainable material. Currently, 88% of the plastic used in the world is either buried, burned or leaked into the environment1. This means that the world recycles only 12% of the 359 metric tons of plastic produced each year2. Recycling Technologies has developed an innovative technology, the RT7000, which turns hard-to-recycle plastic such as films, bags, laminated plastics into an oil, called Plaxx®, used as a feedstock for new plastic production. The RT7000 is modular and small-scale, designed to fit easily onto existing waste treatment and recycling sites, providing a scalable solution to recycle waste plastic anywhere in the world. For further information, please visit www.recyclingtechnologies.co.uk.
1 McKinsey&Co – How plastics-waste recycling could transform the chemical industry
2Plastics Europe – Plastics the facts 2019