Gr3n intends to use proceeds of 15.5 million euros raised in a Series B funding round to build its first industrial plant known as MODUS. In collaboration with the Madrid-based engineering firm Intecsa Industrial, MODUS will allow Gr3n, which hails from Lugano in the Swiss canton of Ticino, to bring its MADE (Microwave Assisted Depolymerization) technology to market. “This round is the next step in transferring MADE from pilot to industrial scale”, as the company, which was founded in 2011, states. The project had already been granted 35 million euros from the EU Innovation Fund.
As Gr3n calculates, 98 percent of recycling is carried out mechanically at present. However, this process only utilizes 15 percent of the available PET, with the remaining 85 percent, which is made up of colored bottles, textile fibers and films, ultimately consigned to landfill sites or ending up incinerated. The patented MADE technology now aims to change this situation. By processing 100 percent of PET waste with up to 80 percent lower CO2 emissions compared with today's PET manufacturing, it results in the production of food-grade monomers that can be recycled indefinitely.
The MADE process is centered on applying microwave technology to alkaline hydrolysis. According to the company, this offers an economically viable approach to the industrial recycling of polyethylene terephthalate (PET). It breaks down all types of PET and polyester plastic into its two core components, PTA and MEG monomers, which can then be reassembled to produce virgin plastic. In this way, it is possible to create an infinite recycling loop. “This innovative process has the potential to transform the way PET is recovered globally, brining huge benefits to both the recycling industry and the entire polyester value chain”, the company explains.
The funding round was led by the Paris-based venture capital fund 360 Capital. The Indian manufacturer of workwear and personal protective equipment VP Textile participated as a new investor. ce/mm