Gemeente Rotterdam-based Pryme, a chemical plastic recycling company, announced that it has secured €10M in a fresh funding round from Taranis Investment Limited through its Taranis Carbon Ventures fund.
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.
The announcement comes around a year after raising €13M from Infinity Recycling, Invest-NL, and LyondellBasell to facilitate the implementation of the pyrolysis process in May 2023.
Pryme: Converting plastic waste into pyrolysis
Led by Christopher Hervé, Pryme is a cleantech company focused on converting plastic waste into pyrolysis oil through chemical recycling on an industrial scale.
The Dutch company has initialised production at its first plant in the port of Rotterdam, with an expected nameplate intake capacity of about 40,000 tons of plastic waste annually.
The company’s mission is to contribute to a circular plastic economy with a low carbon footprint. To achieve this, the company plans to develop a wide range of owned-operated plants with strategic partners to maximise the potential of its technology.
The company is currently in the early production phase of its first industrial-scale unit, Pryme One, located in Rotterdam.
The company is listed on Euronext Growth Oslo.
Christopher Hervé, CEO of Pryme, says, “We are excited to welcome Taranis Investment Limited as a new shareholder in Pryme. Taranis and its parent company, the Perenco Group, are ideal partners for Pryme. They have significant experience in conducting large-scale industrial projects, technical expertise, and focus on and dedication to technology-driven carbon footprint reduction and circularity. We look forward to Taranis bringing valuable experience and perspective further to develop Pryme into a significant advanced recycling player.”
Taranis Investment: Focuses on sustainable development
Taranis is an investment and asset management company owned by the Perenco Group.
With sustainable development at its core, Taranis currently operates four distinct funds. It includes:
- Taranis Carbon Ventures is a VC fund investing in technologies to accelerate carbon circularity, from carbon capture and utilisation to plastics recycling.
- Taranis Energy for Africa: It is focused on power and renewable projects to improve access to energy;
- Taranis Decommissioning Fund, entailing ESG-compliant investments to pre-finance the decommissioning of Perenco’s oil & gas facilities
- Taranis Nature Based Solutions, for preserving or improving the carbon absorption of different ecosystems.
Emmanuel COLOMBEL, CEO of Taranis Investment, says, “Supporting growth companies in the field of plastics recycling is an important strand to Taranis Carbon Ventures’ investment strategy. As such, we are pleased to be making an investment in Pryme and supporting the roll-out of its innovative and low-carbon technology. The team at Pryme is successfully optimizing the pyrolysis process and has the potential to make a significant impact in addressing the hard-to-recycle plastic waste streams. We look forward to following up on our financial support by bringing our technical and commercial experience as a new shareholder in Pryme.”
Read the orginal article: https://siliconcanals.com/news/startups/invest-nl-backed-pryme-secures-10m/
