Circtec raises €150 million for end-of-life tyre recycling

24 May 2024 16:33

Delfzijl - British tire recycler Circtec has raised €150 million from Novo Holdings, A.P. Moller Holding, the government of the Netherlands, and other investors. The company aims to build Europe’s largest end-of-life tire pyrolysis recycling facility in the Dutch city of Delfzijl.

Used tires fill landfills and pollute the environment with toxins. Europeans, for example, incinerate their old tires or export them to Asia and Africa. This problem will likely grow worse, too, unless action is taken because electric vehicle tires wear out faster than those on carbon-emitting vehicles.

Circtec has developed a proprietary pyrolysis process – or thermal decomposition in an oxygen-free environment – that converts old tires into materials for high-quality recycled chemicals and renewable fuels, including CIRTEC’s HUPATM marine fuel, plastics, rubber, new tires, and other uses.

Now, as a May 21 press release explained, Novo Holdings and A.P. Moller Holding are leading a €150 financing round for the company. The two Danish investment firms have taken a €75 million equity investment in the firm, while the Dutch government has contributed 22.5 million in grants.

“We are very pleased to welcome Novo Holdings and A.P. Moller Holding to our board to continue our growth journey together,” said Circtec Co-founder and CEO Allen Timpany. “The success of this new investment round gives us the partners that will enable us to take Circtec to the next level in realizing our goal of scaling sustainability. Bringing our technology to a global scale will generate meaningful contributions to the sustainability of the planet.”

The funding will help Circtec to construct a facility in Delfzijl in the Netherlands that will become Europe’s largest end-of-life tire pyrolysis recycling facility. The new plant aims to cut the equivalent of the Dutch chemical industry’s greenhouse gas emissions by 3 percent. ce/jd

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