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A Swindon-based business that makes recycling machines has been backed by seed fund specialist EcoMachines.
Recycling Technologies, which manufactures equipment that converts waste plastic into oil, will use the capital from the seed fund’s incubator for start-ups in the energy and resource sector. It will also use the funds to accelerate its growth plans.
A number of business angels joined in the EcoMachines investment round.
Adrian Griffiths, founder and managing director of Recycling Technologies said: “We are delighted to be working with EcoMachines Incubator.
“EcoMachines’ investment and support will help the company to accelerate, bringing this exciting technology to the market quickly. It’s nice to be a part of something that will have huge environmental benefits as well as providing exciting shareholder returns.”
EcoMachines typically backs businesses with up to £100,000 in return for an equity stake via its accelerator programme. Successful companies are then provided with up to £500,000 of ‘anchor’ funding to attract follow-on investment.
Ilian Iliev, chief executive of EcoMachines, added: “We have chosen to support Recycling Technologies because they provide an innovative and practical solution to the world’s pressing plastic waste problem. Plastic is one of humanity’s most useful inventions, yet plastic waste is one of today’s major environmental pollution problems.
“We will be working with the company to help it access target markets and scale its waste-to-oil model in the UK and beyond.”
Recycling Technologies spun out of the University of Warwick in 2011. It opened its R&D and production facility in Swindon in 2013.