A PLASTIC recycling technology company is looking for the next round of investment to help turn the tide on plastic waste.

Recycling Technologies, which this month officially launched its manufacturing plant in South Marston, is looking to raise £1.2m in the second round of funding through the investment platform Crowdcube.

The 25,000 sq ft plant needs the funding to start commercial production of the first 12 RT7000s which transform unrecyclable plastic back into an reusable oil called Plaxx.

The company hopes the money will take it a step closer to recycling up to 10 million tonnes of plastic by 2027, producing seven million tonnes of plaxx, which will triple Europe's current waste plastic recycling capacity.

Adrian Griffths, CEO of Recycling Technologies, thanked those who had supported the company so far and welcomed new investors looking to back the innovative technology.

"Waste companies in the UK are paying around £100 per tonne for the disposal of plastic waste to landfill and incineration," he said.

"With an RT7000, waste operators can turn this plastic waste liability into a valuable revenue stream from Plaxx estimated to be valued today around £300 per tonne.

"These attractive economics are projected to offer machine operators a less than three-year payback. The results of the testing of our pre-production Beta Plant in Swindon have been strong and are generating significant levels of interest from waste sites looking to become an early adopter of this commercial solution to turn waste plastic in a valuable asset."

The company has plans to make 1,300 RT700s, all at the plant in Swindon which will make around 200 machines a year at full capacity, that will be shipped to Europe at first and eventually around the world.

It has agreed contracts with two pharmaceutical firms to buy 30 per cent of the Plaxx once the initial 12 machines for the UK are up and running.

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