Germany-based APK, a company that specializes in a unique solvent-based recycling technology for low-density polyethylene (LDPE), announced that it has raised nearly €130M in a fresh round of funding.
The investment came from London-based LyondellBasell, a global leader in the chemical industry, and Denmark’s KIRKBI A/S, the family-owned holding and investment company of the LEGO brand, and other investors.
Founded in 2008, APK aims to boost the recycling of multi-layer flexible packaging materials, which now account for the bulk of mixed plastic trash coming from the consumer sector.
In order to do this, the company has created a solvent-based Newcycling process, which separates the various polymers of multi-layer packaging materials and generates recycled materials with a high level of purity appropriate for new packaging materials.
APK says it will use the funds to build additional Newcyling Plants to increase the production capacity.
According to Yvonne van der Laan, LyondellBasell Executive VP, Circular and Low Carbon Solutions, there is a need for acceleration of recycling of all types of plastic waste material.
She says, “Advancing this technology, through our investment in APK, will enable more plastic packaging waste to be reintroduced back into the value chain and will address the demand from consumers and brand owners for more sustainable packaging.”
“Products made using this unique Newcycling solvent-based technology will be a great complementary addition to our existing Circulen product portfolio, which currently offers mechanical and advanced recycling solutions to our customers,” adds Van der Laan.
Read more on Tech Gist Africa:
