PET recycling start-up wins €10m in new funding
A spin-off company from Eindhoven University of Technology that creates value out of waste has secured €10 million in new funding. The company, Ioniqa, won the new investment for a project that aims to make PET plastic “a truly sustainable material”. Existing shareholders and one new investor combined to raise the €10 million investment.
The technology that Ioniqa has developed transforms all types and colours of PET plastic waste into valuable ‘virgin-quality’ materials. It will use the new funding to ramp up its factory to full capacity and to put together licensing packages for other companies to begin using the technology in 2022.
Founder, Tonnis Hooghoudt, said: “Without funds there will be no successful innovations like ours that reduce the CO2 footprint of PET plastics by 75%. We are delivering a solution to the market that has never been tried before at this scale and requires proper resources, including funding, to counter unexpected challenges along the way.”
