Funding for plastics recycling

Startup company DePoly has received CHF12.3m funding to scale up its chemical recycling process that it says can convert polyethylene terephthalate (PET) into raw materials without affecting their quality.

Funding came from BASF Venture Capital and Wingman Ventures, amongst other companies, according to DePoly.

The company’s recycling process reportedly operates at room temperature and standard pressure and does not require any pre-washing, pre-sorting, pre-melting, or separating out other plastics or materials. It can also recycle PET and polyester containing mixed plastics, mixed colors, dirty plastic waste streams, as well as fabrics and fibers, DePoly said.

Its current pilot plant can process 50 tonnes per year but the company plans to build a plant with a capacity of up to 10 times that.