LetterOne invests in recycling pioneer Plastic Energy
LetterOne, an entrepreneurial, long-term investor in sectors that deliver financial and social value, is investing to accelerate the growth of Plastic Energy, the award-winning pioneer in the chemical recycling of plastic waste.
Headquartered in the UK, Plastic Energy’s vision is to create a circular economy in plastic by diverting waste away from landfill and the oceans. The company has become the industry leader in the recycling of end-of-life plastic waste and the potential of its patented technology has been recognised by, among others, Bloomberg NEF.
The equity investment from LetterOne will enable Plastic Energy to expand beyond its existing two recycling plants in Spain. A third is already under construction in the Netherlands while two more are being developed in France. Plastic Energy is also working with Nestlé to explore the potential for a plant in the UK.
“Carlos Monreal and the management team at Plastic Energy have created a pioneering company with compelling growth potential,” said Tim Summers, Managing Partner of L1 New Energy. “LetterOne is passionate about building better businesses. We bring an entrepreneurial mindset, long term vison and active investment to drive sustainable value in the sectors that are vital to future prosperity. Plastic Energy is a great example of our approach.”
L1 New Energy has been established to make investments in energy transition. Plastic Energy is its first investment.
Plastic Energy is the only company to have operational plants solely focused on plastic-to-plastic recycling and has signed agreements with a number of the world’s largest energy and chemical companies, including SABIC, TotalEnergies and ExxonMobil.
Chemical recycling overcomes the limitations of mechanical recycling, which degrades plastics and can only be repeated a limited number of times. Plastic Energy’s approach can be continuously repeated with no reduction in quality and it is also less carbon-intensive. Its technology produces plastics suitable for food packaging, which has attracted the interest of leading consumer brands.
About Plastic Energy
Plastic Energy Limited is the world’s leading chemical recycling company with its technology HQ in London, operating plants in Spain and a facility under construction in the Netherlands. The company has a viable and proven solution to the global problem of plastic waste pollution. With patented technology, it transforms end-of-life plastic waste otherwise destined for landfill or incineration. https://plasticenergy.com/
Founded in 2013, LetterOne is a partnership of successful entrepreneurs, CEOs and international businesspeople passionate about building better businesses. We bring an entrepreneurial mindset, long term vison and active investment to drive sustainable value in the sectors that are vital to future prosperity: energy, technology, health and retail. We are not answerable to the demands, and short-termism, of external capital.
With more than £20bn of patient capital, our long-term approach, in-depth expertise and commitment to good governance are helping us to build the companies of the future, supporting more than 125,000 jobs in sectors that create lasting value for investors and society.