Rotterdam-based cleantech startup Pryme, specializing in chemical plastic recycling, has secured €10M in funding from Taranis Investment Limited through its Taranis Carbon Ventures fund. This investment will boost Pryme’s efforts to enhance its technology and mitigate the environmental impact of hard-to-recycle plastics.
The funding marks a significant step for Pryme as it seeks to expand its pioneering technology that converts plastic waste into pyrolysis oil on an industrial scale. The investment comes approximately a year after Pryme raised €13M from investors including Infinity Recycling, Invest-NL, and LyondellBasell, which facilitated the implementation of the pyrolysis process.
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Accelerating Plastic Waste Recycling
Under the leadership of CEO Christopher Hervé, Pryme has initiated production at its first facility in the port of Rotterdam, designed to process about 40,000 tons of plastic waste annually. The company’s mission is to foster a circular plastic economy and reduce the carbon footprint associated with plastic waste. To this end, Pryme plans to develop more owned-operated plants alongside strategic partners to maximize the reach and efficiency of its technology.
Strategic Partnerships and Future Growth
The new funding from Taranis, a subsidiary of the Perenco Group, aligns with the fund’s goal to support innovative technologies that promote carbon circularity. Taranis brings significant industrial project experience and a focus on technology-driven solutions to reduce carbon footprints and enhance circularity, making them an ideal partner for Pryme.
Christopher Hervé expressed his enthusiasm about the partnership, stating, “We are excited to welcome Taranis Investment Limited as a new shareholder in the company. Their expertise and dedication to sustainability make them an ideal partner as we work to become a significant player in advanced recycling.”
Taranis Investment, led by CEO Emmanuel COLOMBEL, focuses on sustainable development across its various funds. This includes investments in clean energy, environmental sustainability, and specifically, technologies that accelerate carbon circularity such as plastic recycling.
Emmanuel COLOMBEL remarked on the investment, “Supporting growth companies in the field of plastics recycling is a key aspect of Taranis Carbon Ventures’ strategy. We are pleased to support Pryme and its innovative, low-carbon technology, which optimizes the pyrolysis process and addresses the challenge of hard-to-recycle plastic waste streams.”
This funding round not only facilitates the expansion of the startup’s innovative recycling solutions but also strengthens the partnership between significant players in the industry committed to advancing sustainable practices and technologies.
