Alterra, a leader in technology for plastic circularity, has announced the first closing of its latest equity investment round, receiving backing from Infinity Recycling, LyondellBasell, and Chevron Phillips Chemical. This funding will accelerate the commercialization of Alterra’s Advanced Recycling technology, aimed at converting discarded plastic into valuable raw materials and fostering a more sustainable circular economy. Infinity Recycling spearheaded the financing round through its Circular Plastics Fund, with additional equity investments from Neste and long-term private investor Potenza Capital.
Alterra’s cutting-edge technology reduces reliance on landfills by transforming waste plastic into reusable resources, thereby promoting the shift towards a circular economy. The new funding will support the global deployment of Alterra’s solutions, emphasizing the company’s dedication to sustainable plastics management.
Fred Schmuck, CEO of Alterra, remarked, “This funding represents a crucial milestone in our journey. We are eager to collaborate with our strategic partners to scale our technology and deliver effective recycling solutions to communities worldwide. Together, we can significantly impact the environment and foster a more sustainable future.”
Arie Hooimeijer, head of investments at Infinity Recycling, commented, “Investing in Alterra aligns perfectly with our mission to support innovative solutions in the circular plastics economy. The advanced recycling technology they have developed not only mitigates plastic waste through material reuse but also creates new economic opportunities. We are excited to be part of this transformative initiative.”
Martino Gabellich, vice president of advanced recycling and low carbon solutions at LyondellBasell, noted, “Our investment in Alterra underscores our commitment to deriving value from plastic waste and preventing it from ending up in incineration or landfills. Ongoing investments across the value chain will enable us to expand our range of circular and low-carbon solutions for our customers while contributing to the development of a circular economy that benefits both society and the planet.”
Benny Mermans, vice president of sustainability at Chevron Phillips Chemical, added, “Our investment in Alterra reflects our broader sustainability objectives, including global collaboration to advance the circular economy. We are dedicated to eradicating plastic waste in the environment by sustainably recycling used plastics to produce new, valuable products.
