Circular Economy Technology Provider Circtec Raises $163 Million to Build Large-Scale Tire Recycling Plant – ESG Today
Circular Economy Technology Provider Circtec Raises $163 Million to Build Large-Sale Tire Recycling Plant ESG Today
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Circtec Raises €150 Million for Sustainable Tire Recycling Facility
Introduction
Circtec, a circular economy technology company, has successfully raised €150 million (USD$163 million) to fund the construction of Europe’s largest end-of-life tire pyrolysis recycling facility in the Netherlands. This significant investment highlights the company’s commitment to sustainability and the advancement of the Sustainable Development Goals (SDGs).
Company Background
Established in 2009, UK-based Circtec specializes in pyrolysis technology, which recycles waste into renewable fuels and circular chemicals. The company’s innovative solution decomposes old tires through pyrolysis, a process that transforms waste into circular materials without the presence of oxygen. The resulting products are high-quality recycled chemicals and renewable fuels, contributing to the SDGs by promoting responsible consumption and production (Goal 12) and climate action (Goal 13).
Products and Impact
- Sustainable marine fuel
- Circular naptha for responsibly-sourced plastics, polymers, and chemicals
- Carbon black for new tires, rubber, and plastics manufacturing
The new facility in Delfzijl, the Netherlands, aims to address approximately 5% of the 3.6 million tons of end-of-life tires generated annually in Europe. It is also projected to reduce about 3% of the greenhouse gas (GHG) emissions from the chemical industry sector in the Netherlands, aligning with SDG 13 for climate action.
Investment and Support
The fundraising round was led by Novo Holdings and A.P. Moller Holding, with a €75 million equity investment. Additionally, the Government of the Netherlands awarded €22.5 million in grants, demonstrating support for sustainable initiatives that align with the SDGs.
Executive Statements
Allen Timpany, Co-founder and CEO of Circtec, stated, “The success of this new investment round gives us the partners that will enable us to take CIRCTEC to the next level in realizing our goal of scaling sustainability. Bringing our technology to a global scale will generate meaningful contributions to the sustainability of the planet.”
Anders Spohr, Senior Partner at Novo Holdings, commented, “CIRCTEC is the global leader in end-of-life tire pyrolysis, and thanks to its unmatched proprietary technology, the Company is on a rapid growth trajectory that will now be further accelerated.”
Conclusion
The investment in Circtec’s pyrolysis recycling facility is a significant step towards achieving the Sustainable Development Goals. It emphasizes the importance of innovation and collaboration in promoting sustainable practices and reducing environmental impact.
SDGs Addressed in the Article
The article addresses the following Sustainable Development Goals (SDGs):
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 12: Responsible Consumption and Production
- SDG 13: Climate Action
Specific Targets Under the SDGs
Based on the content of the article, the following specific targets can be identified:
- Target 9.4: Upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes.
- Target 12.5: Substantially reduce waste generation through prevention, reduction, recycling, and reuse.
- Target 13.2: Integrate climate change measures into national policies, strategies, and planning.
Indicators for Measuring Progress
The article implies the following indicators that can be used to measure progress towards the identified targets:
- Indicator for Target 9.4: The construction of Europe’s largest end-of-life tire pyrolysis recycling facility.
- Indicator for Target 12.5: The ability of the new plant to tackle approximately 5% of the end-of-life tires generated annually in Europe.
- Indicator for Target 13.2: The capability of the plant to reduce the equivalent of about 3% of the greenhouse gas (GHG) emissions of the chemical industry sector in the Netherlands.
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 9: Industry, Innovation, and Infrastructure | Target 9.4: Upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes. | The construction of Europe’s largest end-of-life tire pyrolysis recycling facility. |
| SDG 12: Responsible Consumption and Production | Target 12.5: Substantially reduce waste generation through prevention, reduction, recycling, and reuse. | The ability of the new plant to tackle approximately 5% of the end-of-life tires generated annually in Europe. |
| SDG 13: Climate Action | Target 13.2: Integrate climate change measures into national policies, strategies, and planning. | The capability of the plant to reduce the equivalent of about 3% of the greenhouse gas (GHG) emissions of the chemical industry sector in the Netherlands. |
Copyright: Dive into this article, curated with care by SDG Investors Inc. Our advanced AI technology searches through vast amounts of data to spotlight how we are all moving forward with the Sustainable Development Goals. While we own the rights to this content, we invite you to share it to help spread knowledge and spark action on the SDGs.
Fuente: esgtoday.com
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