The European Investment Fund (EIF) has signed a EUR 50 million stake in Infinity Recycling's Circular Plastics Fund, a European fund that invests in companies developing new processes for the advanced recycling of plastics and supports companies with scalable technologies that need financing for the industrial and commercial expansion of their businesses.
The Circular Plastics Fund aims to allocate EUR 150 million, one third of which is covered by the EIF commitment, an operation supported by the InvestEU programme and the European Investment Bank. Advanced technologies supported by the Circular Plastics Fund include chemical processes that enable the complete recycling of plastic waste at the end of its life cycle, from which new secondary raw materials with properties equivalent to virgin ones can be obtained and reintroduced into the existing value chain. The fund can therefore play an active role in the circularity of the plastics industry.
The percentage of recycled plastic packaging is still too low," said EIF CEO Marjut Falkstedt. "Much can be achieved by changing our habits, but innovation is key to finding new ways of managing the use of structural plastics and making sure we use each plastic item as often as possible. With the support of the InvestEU programme, we support this kind of innovation.
For most Europeans, recycling is already an integral part of everyday life. Achieving a true circular economy also requires industrial solutions that enable plastics to be recycled fully, efficiently and many times over," said Environment, Oceans and Fisheries Commissioner Virginijus Sinkevičius. "Today's funding through InvestEU will help innovative European companies to promote a circular plastics industry, acting as a stimulus for the EU's green transition.
The demand for recycled materials for plastic production is increasing, but only a few advanced recycling technologies have been able to reach commercial production," added Jeroen Kelder, Managing Director of Infinity Recycling. "Although such technologies are often viable, many companies lack the specialised financial structuring and development skills needed to increase production, source high quality resources and establish supply agreements with counterparts. This EIF investment enables the Circular Plastics Fund to exceed EUR 105 million and accelerate circularity in the plastics sector.
