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Infinity Recycling’s Circular Plastics Fund advances the fossil-free plastics economy with its latest investment

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Infinity Recycling’s Circular Plastics Fund advances the fossil-free plastics economy with its latest investment

The Circular Plastics Fund (CPF) is moving apace, concluding a cornerstone investment in Itero Technologies (Itero), an advanced recycling technology firm that converts end-of-life plastic waste to tradable commodities. This is the second investment by the SFDR Article 9 “Dark Green Fund”, which backs companies scaling up proven advanced recycling technologies.

It is a growing global priority to decarbonise the economy and reduce dependency on fossil feedstocks. In addition to fostering local supply of feedstock, the circular economy is paramount to reducing the carbon footprint of plastics. The Circular Plastics Fund makes growth investments in technology companies that break surging plastic waste streams down into primary commodities, which can then be reused by the industry as inputs for new (plastic) products, enabling a circular economy in plastics.

Beyond funding, the Infinity Recycling (Infinity) team drives value by supporting portfolio companies to market their valuable products and optimise operations for impact.

Infinity’s investment is recognition of the potential of Itero’s technology, and it is meaningful to be working with a fund which is as dedicated to sustainability as we are at Itero.

Simon Hansford, Itero’s CEO

The investment will provide Itero the resources to complete the design and all pre-construction steps of its first scaled-up plant at the Brightlands Chemelot Campus in Geleen, The Netherlands. The facility is planned to start commissioning in 2024 and will have the capacity to process 27,000 tonnes of plastic waste the equivalent of all the plastics packaging waste produced in the city of Amsterdam. Over the next 5 years, Itero plans to build more plants and licence its technology, creating the potential for several 100’s of kilotonnes of recycled chemical feedstocks to come into the market.

Infinity’s history with Itero goes back to 2019, and we have supported the company in key stages of its development. Our investment aims to accelerate the world’s transition to the circular economy of plastics. Based on McKinsey & Co’s 2022 report, an 8% market share of recycled polymers in the European plastics economy will require over EUR 40 billion investment. The current production of recycled polymer is negligible. We are thrilled to spearhead this crucial transition alongside Itero.

Jeroen Kelder, Infinity’s Managing Partner

The CPF achieved its first closing in February 2022, with strong backing from reputable investors, and is still welcoming new limited partners as the team prepares for further closings from later in the year.

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