Wastewise secures US$4.55M capital loan from Climate Fund to recycle hard plastic

FINLAND – Wastewise Group has secured a capital loan of €4.2m (US$4.55m) from the Climate Fund to support its facility investment program in Finland.

The loan will help increase the reuse rate of hard-to-recycle plastics significantly and will also contribute to the construction of new recycling lines.

The company’s total facility investment program amounts to nearly €12 million (US$13 million).

Aside from the loan from the Climate Fund, Wastewise received equity financing from Taaleri Sijoitus. In addition, €0.85 million (US$0.92m) has been secured for the company’s chemical plastic-recycling plant in Nokia, Finland.

Wastewise Group’s CEO Kaisa Suvilampi said: “For the past few years, Wastewise has developed its own pyrolysis technology and business concept in the rapidly developing sector of plastic recycling.

“Our investments have borne fruit and our plant in Nokia is the first plastics recycling facility in Finland to use pyrolysis in industrial-scale production.”

The unique technology developed by Wastewise is particularly effective for dealing with hard-to-recycle plastics.

The pyrolysis oil produced in the process can replace crude oil in plastic and chemical production, effectively reducing the reliance on virgin materials.

In a groundbreaking demonstration, Wastewise utilized their pyrolysis technology to produce cross-linked polyethylene pipes (PEX) from chemically recycled PEX waste, in collaboration with partners Neste (pyrolysis oil refiner), Borealis (recycled plastic manufacturer), and Uponor (PEX pipe manufacturer).

Toni Mikkonen, Director of Investments at the Climate Fund, emphasizes that tackling plastic waste challenges requires various strategies, and circular economy impact is a significant aspect guiding the Climate Fund’s funding decisions.

He lauds Wastewise as a Finnish pioneer in chemical recycling and is delighted to support their investment program, which will significantly expand their business and further contribute to a sustainable future.

In Finland, the status of plastic recycling is better than in many European countries, thanks to the functional refundable package system, but still the country has some way to go to reach its goals.

Of all plastic packaging, 27% is now recycled in Finland, but the objective is to recycle 50% by 2025.

Wastewise Group emerged in 2022 from the merger of Suomen Kiertoketju Oy and Wastewise Oy.

The company has been tirelessly developing its proprietary technology for the chemical recycling of plastics and rubber.

Their operational chemical plastic-recycling plant in Nokia is currently undergoing expansion, and new recycling facilities are also being constructed throughout Finland.

For all the latest packaging and printing industry news from Africa and the World, subscribe to our NEWSLETTER, follow us on Twitter and LinkedIn, like us on Facebook, and subscribe to our YouTube channel.