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Key Points:
- Initiative Launch: Circtec, a leader in sustainable tyre recycling, initiates a major push in pyrolysis technology.
- Backing and Investment: Supported by Novo Holdings and A.P. Moller Holding with a $150 million funding round.
- Impact: Enhanced recycling of end-of-life tyres into valuable raw materials.
Circtec, a trailblazer in sustainable end-of-life tyre recycling, has secured a substantial $150 million in financing. This initiative is backed by prominent investors Novo Holdings and A.P. Moller Holding, underscoring the growing commitment to environmental sustainability.
Innovative Approach to Tyre Recycling: Circtec’s cutting-edge pyrolysis technology transforms used tyres into reusable raw materials, significantly reducing waste and contributing to a circular economy. This process not only addresses the environmental impact of discarded tyres but also creates valuable by-products such as oil, carbon black, and steel.
Strategic Investment: Novo Holdings and A.P. Moller Holding have jointly invested $150 million to propel Circtec’s expansion and technological advancements. This investment aligns with their broader strategy of supporting sustainable and impactful businesses. According to Martin Larsen, CFO at A.P. Moller Holding, this partnership aims to drive forward the transition to a more sustainable economy by leveraging Circtec’s innovative solutions.
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Quote from Circtec: “By securing this funding, we are positioned to scale our operations and enhance our technology, making a significant impact on tyre recycling globally,” stated the CEO of Circtec.
Future Prospects: The investment will enable Circtec to expand its facilities and increase the capacity of its recycling processes. This initiative is expected to set new standards in the industry and foster further innovations in the recycling sector. As Circtec continues to grow, it aims to contribute significantly to reducing the environmental footprint of tyre waste.
Allen Timpany, Co-founder and CEO of CIRCTEC, said: “We are very pleased to welcome Novo Holdings and A.P. Moller Holding to our board to continue our growth journey together. The success of this new investment round gives us the partners that will enable us to take CIRCTEC to the next level in realising our goal of scaling sustainability. Bringing our technology to a global scale will generate meaningful contributions to the sustainability of the planet.”
Anders Spohr, Senior Partner, Bioindustrial Investments, Novo Holdings, said: “CIRCTEC is the global leader in end-of-life tyre pyrolysis, and thanks to its unmatched proprietary technology, the Company is on a rapid growth trajectory that will now be further accelerated. In addition to having a strong technology platform, the team shares Novo Holdings’ firm belief in circularity as a key component in advancing planetary health by enabling the green transition of society. I look forward to the collaboration with the CIRCTEC leadership as well as the highly esteemed investor group.”
Chetan Mehta, Head of Growth Equity, A.P. Moller Holding, said: “The overall green transition of our societies will require trillions of dollars to be invested in the coming years and decades. Capital at this scale can only be activated if investor returns are commensurate for the risks taken. At A.P. Moller Holding, we are committed to investing in and building businesses with a positive impact on society. We believe CIRCTEC satisfies both our purpose and return requirements, and we are excited to be investing in the business and partnering with the management team to build a world-class pyrolysis platform.”
Hilde van der Meer, Commissioner of The Netherlands Foreign Investment Agency (NFIA), said: “The funding raised enables CIRCTEC to start realisation of the new plant in Delfzijl, which will bring a solution that produces circular chemical products from tyre waste. As NFIA, we welcome and applaud these types of smart, sustainable solutions for the future that strengthen the Dutch circular economy. The CIRCTEC plans also signify an important long-term commitment to the local region of Delfzijl and Chemport in bringing valuable jobs and innovative opportunities. I am happy that the Dutch government and Groningen province were able to support CIRCTEC in bringing this new solution to fruition.”