Circtec, a circular economy technology company, has recently announced a successful fundraising of €150 million (USD$163 million). The proceeds from this investment will be used for the construction of Europe’s largest end-of-life tire pyrolysis recycling facility in the Netherlands.
Established in 2009 and based in the UK, Circtec specializes in using pyrolysis technology to recycle waste into renewable fuels and circular chemicals. The company’s innovative solution involves decomposing old tires through pyrolysis, a process that transforms waste into circular materials by thermally decomposing it in an oxygen-free environment. The resulting high-quality recycled chemicals and renewable fuels are environmentally sustainable. Circtec produces a variety of products from recycled tires, including sustainable marine fuel, circular naptha for responsibly-sourced plastics, polymers, and chemicals, as well as carbon black for new tires, rubber, and plastics manufacturing.
Circtec’s new plant in Delfzijl, the Netherlands, is expected to address approximately 5% of the 3.6 million tons of end-of-life tires generated annually in Europe. Additionally, the facility will be capable of reducing the equivalent of about 3% of the greenhouse gas emissions of the entire chemical industry sector in the Netherlands.
Co-founder and CEO of Circtec, Allen Timpany, expressed his excitement about the new investment round, stating that it will enable the company to scale its sustainability efforts globally. The partnership with investors and stakeholders will help Circtec achieve its goal of promoting sustainability and contributing meaningfully to the planet’s well-being.
The recent fundraising round included a €75 million equity investment led by Novo Holdings and A.P. Moller Holding, along with €22.5 million in grants from the Government of the Netherlands. Anders Spohr, Senior Partner of Bioindustrial Investments at Novo Holdings, praised Circtec for its leadership in end-of-life tire pyrolysis and its unique technology that is driving rapid growth in the industry. He believes that this investment will further accelerate Circtec’s trajectory towards success.