Rotterdam-based Pryme bags €13M from Infinity Recycling, Invest-NL, and LyondellBasell to combat plastic waste

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Infinity Recycling, Invest-NL, and LyondellBasell, announced Tuesday, May 9 that they have joined forces to invest €13M in Pryme N.V., a cleantech company based in Rotterdam. 

With this capital infusion, Pryme aims to expedite the implementation of its pyrolysis process to make a substantial impact in reducing the amount of plastic incinerated or ending up in the environment.

“We are excited to welcome this group of strong investors at our side,” says Chris Herve, CEO of Pryme. 

“Just like earlier investments by Infinity Recycling and Stichting Multistrat opened doors and allowed us to gain important market knowledge, we expect our new investors to each bring valuable experience and perspective to further develop our technology,” adds Herve. 

As the world grapples with mounting plastic waste and its detrimental effects, the need for sustainable recycling solutions has never been greater.

Pryme: Turning plastic into high-value products

Pryme is at the forefront of the cleantech industry, pioneering advanced chemical recycling techniques to transform used plastic into high-value products. 

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The Dutch company’s Pyrolysis process aims to convert used plastic into valuable products on a large industrial scale, offering a sustainable solution to the plastic waste crisis.

By utilising a cost-effective approach, Pryme achieves a high conversion rate while significantly reducing the carbon footprint associated with plastic recycling.

Pryme is currently building an advanced recycling plant in Rotterdam that is expected to start production later this year with an annual intake capacity of up to 40,000 metric tons of plastic waste.

By 2025, Pryme plans to expand its operations further by establishing a second, larger-scale plant.

The Investors

Infinity Recycling was established to create markets for end-of-life plastic streams by investing in plastic recycling valorisation technologies. 

Infinity Recycling’s first offering, the Circular Plastic Fund, makes a significant contribution to solving the plastic waste problem and unlocking much-needed capacity in high-demand recycled commodities. 

Jeroen Kelder, Managing Partner at Infinity Recycling, says, “Infinity Recycling is pleased to announce that it has successfully assembled a strong consortium of investors to support its portfolio company Pryme in its next phase of growth. We are proud to have facilitated this important milestone for Pryme and are confident that this backing will be instrumental in its continued success.”

Invest-NL is the National Financing and Development Institution of the Netherlands that, as an impact investor, focuses on making financeable what does not seem to be financeable. 

Together with other financiers, investors, and development specialists, both private and public, Invest-NL’s primary attention is on the larger societal challenges like the transition to a carbon-neutral and circular economy, affordable and accessible healthcare, and deep tech.

Elisabeth Storm de Grave, Principal at Invest-NL, says, “We are pleased to invest in Pryme in close cooperation with our portfolio fund Infinity Recycling and LyondellBasell. This investment round is a significant milestone for scaling up Pryme’s advanced recycling capacities, which are critical to addressing those parts of the plastic waste streams that cannot be recycled through mechanical technologies. It underlines the strong position of the Netherlands to address the plastic waste crisis.”

“With increasing demand from society and customers for more circular products, we are thrilled to invest in fast-growing companies like Pryme to support the scale-up of new advanced recycling commercial operations and reduce the volume of used plastic sent to incineration,” says Martino Gabellich, Vice President of Advanced Recycling and Low Carbon Solutions at LyondellBasell. 

“This investment supports our strategy to grow our circular and low carbon solutions, as we intend to use part of the pyrolysis oil produced from this new Pryme facility in our planned integrated hub in Cologne, Germany,” says Gabellich.

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Vigneshwar Ravichandran

Vigneshwar has been a News Reporter at Silicon Canals since 2018. A seasoned technology journalist with almost a decade of experience, he covers the European startup ecosystem, from AI and Web3 to clean energy and health tech. Previously, he was a content producer and consumer product reviewer for leading Indian digital media, including NDTV, GizBot, and FoneArena. He graduated with a Bachelor's degree in Electronics and Instrumentation in Chennai and a Diploma in Broadcasting Journalism in New Delhi.

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