Greenback receives plastic recycling funding

Greenback Technologies Ltd., based in the United Kingdom, says it has secured additional funding that can help enable it to build a plastic scrap recycling facility in Mexico that will use pyrolysis technology.

Greenback says it has “successfully completed part of a pre-Series B funding round” for an undisclosed amount it says was supported by both new and existing investors. “The extra funding has also enabled the company to convert a loan made under the U.K. government’s Future Fund scheme into equity,” the firm adds.

The company also has announced the appointment of Craig Arnold as a new nonexecutive board director. He joins the board “bringing with him extensive experience gained in executive leadership roles with global responsibilities and spanning a variety of industries,” Greenback says.

Arnold currently is chief commercial officer at Ferroglobe, a London-based silicon metal, silicon alloys and manganese alloys producer. Prior to that, he was Dow president for Sub-Sahara Africa and global ambassador for Africa.

Philippe von Stauffenberg, founder and CEO of Greenback, says, “This is a genuinely exciting and important moment for Greenback. The investment secured during our latest funding round and the addition of Craig to our board are both pivotal in enabling us to progress our project with Nestlé Mexico to the next stage.”

He continues, “We are one step closer to delivering a solution for globally recognized brands that can make the previously unrecyclable, recyclable, making a very clear statement about the strength of their commitment to sustainability and the circular economy.”

Greenback says it has raised additional funds through the sale of ecoveritas, a consulting firm offering data-driven recycling-related “compliance and provenance” services.

The 2022 developments at Greenback will enable the company to proceed with the project in Mexico that involves cooperation with Nestlé. That plant will use “innovative microwave-induced pyrolysis technology developed” by U.K.-based Enval “to turn hitherto hard to recycle plastic into certified feedstock that can be used to create new food grade plastic packaging with the required evidence that it has been made from post-consumer waste,” Greenback says.