Swindon based Horizon 2020 SME Instrument beneficiaries, Recycling Technologies Ltd, wins highly competitive European development funding for the innovation of plastic recycling equipment.
The Wiltshire company has introduced cutting edge technology to the recycling sector in the form of their patented technolology, the WarwickFBRTM - which converts unsorted mixed plastic waste, that is currently disposed of in landfill, into a clean high value product called Plaxx™. Plaxx™ can be used as a fuel, a slack wax or a feedstock for processing back into the plastics market.
Founded in 2011, Recycling Technologies Ltd, have a team of advisors from various universities, including University of the West of England, University of Birmingham and the University of Surrey, all contributing to Recycling Technologies Ltd's current service offering- developing, manufacturing and operating recycling equipment into Plaxx™.
Being awarded funding from the SME Instrument means small and medium sized enterprises, that are EU based or established in a country associated to Horizon 2020 (the EU's flagship research and development programme funding high potential innovation), can now get finance and coaching support for innovation projects that will help them accelerate their growth ambitions and expand their activities into other EU countries and beyond.
Recycling Technologies Ltd, was awarded the funding to finance their product development of the first commercial scale WarwickFBRTM unit. For SMEs, financing product development to commercial scale is often the most difficult. The support offered via the SME Instrument at this critical stage removes a great deal of the burden of raising early stage capital and reduce risk. The additional benefits of coaching via the Enterprise Europe Network and access to risk finance will also significantly assist them in structuring a commercial model which can be rapidly financed and executed.