Circtec, a cutting-edge technology company specializing in circular economy solutions, has recently secured €150 million (USD$163 million) for the construction of Europe’s largest end-of-life tire pyrolysis recycling facility in the Netherlands. The UK-based firm was founded in 2009 and has since established itself as a global leader in this field by utilizing pyrolysis technology to convert waste into renewable fuels and circular chemicals.
The new plant, which will be located in Delfzijl, will address approximately 5% of the 3.6 million tons of end-of-life tires generated annually across Europe. Additionally, it is expected to significantly reduce greenhouse gas emissions from the chemical industry sector in the Netherlands by about 3%. This project aligns perfectly with Circtec’s mission to promote sustainability on a global scale, and its CEO Allen Timpany expressed his excitement about the new investment and its potential impact.
The fundraising efforts included a €75 million equity investment led by Novo Holdings and A.P. Moller Holding, as well as €22.5 million from grants awarded by the Dutch government. Anders Spohr, Senior Partner at Novo Holdings, lauded Circtec’s proprietary technology and rapid growth trajectory, citing it as the global leader in end-of-life tire pyrolysis. This fresh injection of capital is expected to further fuel Circtec’s growth and drive its positive impact on sustainability initiatives around the world.
In conclusion, Circtec’s successful fundraising efforts have paved the way for the construction of Europe’s largest end-of-life tire pyrolysis recycling facility. This project represents a major milestone in promoting sustainability on a global scale and reducing greenhouse gas emissions from key sectors such as chemistry. As Circtec continues to grow and innovate, we can expect to see more advancements in sustainable waste management solutions that will benefit both our planet and future generations.
