NETHERLANDS – Rotterdam-based startup Pryme has secured €10 million (US$10.72m) in a fresh funding round from Taranis through its Taranis Carbon Ventures fund to expand cleantech solutions.
The funding will enable the Dutch startup to accelerate the roll-out of its technology, which will help reduce the amount of hard-to-recycle plastic incinerated or ending up in the environment.
The company’s mission aligns with the Taranis Carbon Ventures fund’s thesis of supporting the development of innovative technologies enabling carbon circularity.
Pryme stands out with its unique and cost-effective approach to pyrolysis. This method allows for the recycling of used plastic at an industrial scale, boasting a high conversion rate and a significantly lower carbon footprint.
Currently, the company is in the early production phase of its first industrial-scale unit, Pryme One, located in Rotterdam.
Commenting on the investment, Emmanuel Colombel, CEO of Taranis Investment, said: “Supporting growth companies in the field of plastics recycling is an important strand to Taranis Carbon Ventures’ investment strategy.
“The team at Pryme is successfully optimizing the pyrolysis process and can potentially significantly impact addressing the hard-to-recycle plastic waste streams.”
Christopher Hervé, CEO of Pryme, expressed his confidence in the partnership with Taranis and its parent company, the Perenco Group.
He highlighted their extensive experience in managing large-scale industrial projects, technical expertise, and unwavering commitment to technology-driven carbon footprint reduction and circularity.
He anticipates that Taranis’ valuable experience and perspective will further propel Pryme’s growth into a significant player in advanced recycling.
The announcement comes around a year after raising €13 million (US$13.94m) from Infinity Recycling, Invest-NL, and LyondellBasell to facilitate the implementation of the pyrolysis process in May 2023.
According to the company, this investment was meant to expedite the implementation of its pyrolysis process, which will substantially reduce the amount of plastic incinerated or ending up in the environment.
“We are excited to welcome this group of strong investors at our side,” Chris Herve said at the time.
“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 develop our technology further.”
As the world grapples with mounting plastic waste and its detrimental effects, the need for sustainable recycling solutions has never been greater.
By 2025, Pryme plans to expand its operations further by establishing a second, larger-scale plant.
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