Alterra closes its latest equity investment round

Alterra has closed its latest equity investment round, which includes funding from Infinity Recycling, LyondellBasell and Chevron Phillips Chemical.

The Akron, Ohio-based company says this investment round will accelerate the commercialization of Alterra's chemical recycling technology that uses pyrolysis to transform end-of-life plastics into petrochemical feedstock.

Infinity Recycling led the financing round via its Circular Plastics Fund.

Alterra also received additional equity investments as part of this round from Finnish circular and renewable feedstock solutions partner Neste, which acquired a minority stake in the company in 2021, and long-term private investor Potenza Capital.

RELATED: Neste, Ravago to construct chemical recycling facility in the Netherlands | Alterra tech to be distributed in Europe by Neste

With this new funding, the company says it will deploy its solutions globally, reinforcing its commitment to sustainable plastics management.

"This funding marks a pivotal moment in our journey,” Alterra CEO Fred Schmuck says. “We are excited to collaborate with our strategic partners to scale our technology and bring effective recycling solutions to communities around the world. Together, we can make a meaningful impact on the environment and create a more sustainable future."

Arie Hooimeijer, head of investments at Rotterdam, Netherlands-based Infinity Recycling, adds, "Investing in Alterra aligns with our mission to support innovative solutions in the circular plastics economy. The advanced recycling technology developed by Alterra not only reduces plastic waste by reusing plastic materials but also unlocks new economic opportunities. We are thrilled to be part of this transformative effort."

Infinity Recycling was established to create markets for end-of-life plastic streams by investing in plastic recycling valorization technologies. Infinity Recycling's Circular Plastic Fund is intended to make a significant contribution to solving the plastic waste problem and unlocking much-needed capacity in high-demand recycled commodities. The fund implements a return-driven investment strategy that drives value creation in advanced recycling and accelerates the conversion to a circular economy for plastics, according to the company.

"Our investment in Alterra demonstrates our commitment to capturing value from plastic waste and preventing it from going to incineration or landfills," says Martino Gabellich, vice president of advanced recycling and low-carbon solutions at global petrochemical company LyondellBasell in Rotterdam. "These continuous investments along the value chain will help us scale our range of circular and low-carbon solutions for our customers while also contributing to the efforts to build a circular economy that benefits society and the planet."

"This investment in Alterra reflects our company's broader sustainability goals, including collaborating globally to advance the circular economy,” adds Benny Mermans, vice president of sustainability at Chevron Phillips Chemical, headquartered in The Woodlands, Texas. “We support ending plastic waste in the environment by sustainably recycling used plastics to create new and valuable products."

Alterra operates 60 ton-per-day continuous chemical recycling facility in Akron that produces commercial volumes that can be refined and upgraded into feedstock for manufacturing plastics and chemicals.