Pryme, a chemical plastics recycling company based in Gemeente Rotterdam, announced that it has secured €10 million in a new funding round from Taranis Investment Limited through its Taranis Carbon Ventures fund.
The funding will allow the Dutch startup to accelerate the rollout of its technology, which will help reduce the amount of hard-to-recycle plastic that is incinerated or dumped into the environment.
The company’s mission is aligned with the theme of the Taranis Carbon Ventures fund: supporting the development of innovative technologies that enable carbon circularity.
The announcement comes nearly a year after Infinity Recycling, Invest-NL and LyondellBasell raised €13 million to accelerate implementation of the pyrolysis process in May 2023.
Pryme: Converting plastic waste to pyrolysis
Pryme, led by Christopher Hervé, is a clean technology company focused on converting plastic waste into pyrolysis oil through industrial-scale chemical recycling.
The Dutch company has started production at its first plant in the port of Rotterdam, which is expected to process around 40,000 tonnes of plastic waste per year.
The company’s mission is to contribute to a circular plastics economy with a low carbon footprint. To achieve this, the company plans to develop a wide range of its own operating plants together with strategic partners to maximize its technological potential.
The company is currently in the early stages of production of its first industrial-scale unit, Pryme One, located in Rotterdam.
The company is listed on Euronext Growth Oslo.
Christopher Hervé, CEO of Pryme, said: “We are delighted to welcome Taranis Investment Limited as a new shareholder of Pryme. Taranis and its parent company, Perenco Group, are ideal partners for Pryme. They have significant experience and technical expertise in delivering large-scale industrial projects and are committed to a technology-driven focus on carbon footprint reduction and circularity. We look forward to Taranis further developing his valuable experience and perspective to develop Pryme into a significant, advanced recycling company.”
Taranis Investment: Focus 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 separate funds. These include:
- Taranis Carbon Ventures A VC fund that invests in technologies that accelerate carbon circularity, from carbon capture and utilization to plastic recycling.
- Taranis Energy for Africa: We are focusing on power and renewable projects to improve energy access.
- Taranis Decommissioning FundIt involves ESG-compliant investments to pre-finance the decommissioning of Perenco’s oil and gas facilities.
- Taranis Nature Based SolutionsIt is intended to conserve or improve carbon uptake in various ecosystems.
Emmanuel COLOMBEL, CEO of Taranis Investment, says: “Supporting growth companies in the plastics recycling sector is an important element of Taranis Carbon Ventures’ investment strategy. We are therefore pleased to invest in Pryme and support its launch of innovative low-carbon technology. The Pryme team is successfully optimizing its pyrolysis process and has the potential to have a significant impact in addressing difficult-to-recycle plastic waste streams. As a new shareholder in Pryme, we look forward to continuing our financial support, leveraging our technical and commercial experience.”