Plastic recycling plants to be built in Teesside following multi-million pound funding
A duo of plastic recycling plants are set to be built in Teesside after two firms were awarded multi-million pound funding.
Poseidon Plastics and ReNew ELP have been awarded £2.6m and £4.42m respectively by national science and research funding agency UK Research and Innovation (UKRI) as part of its Smart Sustainable Plastic Packaging (SSPP) challenge.
Poseidon Plastics specialises in the recycling of polyethylene terephthalate (PET) using proprietary waste-to-polyester technology, while ReNew ELP uses Catalytic Hydrothermal Reactor (Cat-HTR) technology to recycle plastic items.
The new plants are set to make a raft of jobs for the area, with construction on both facilities set to begin next year.
Martin Atkins, CEO of Poseidon Plastics, commented: “We are delighted that the potential of our technology has been recognised by the government through UK Research and Innovation.
“This grant, as part of UKRI’s SSPP challenge, represents a significant and tangible commercial step on our way to achieving our ambitious, global-scale recycling targets.”
ReNew ELP managing director Richard Daley, said: “This Grant demonstrates we are in line with Government Policy and its drive towards achieving increased recycling targets in the UK.
“It will increase investor confidence, help innovative technologies such as ours break through and establish the Advanced Recycling Industry in the UK, helping ReNew ELP to emerge as a global leader in plastic recycling.”
Rebecca Pow MP, the Under-Secretary of State for Defra, commented: “The government is committed to both clamping down on the unacceptable plastic waste that harms our environment and ensuring more materials can be reused instead of being thrown away.
“By investing in these truly ground-breaking technologies we will help to drive these efforts even further, and I look forward to seeing them develop and deliver real results.”
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