LONDON—Circtec, a United Kingdom-based waste tire pyrolysis company, has secured funding of $162 million (€150 million) for the construction of a flagship plant in Delfzijl, the Netherlands.
As part of the process, investment companies Novo Holdings A.S. and AP Moller Holding helped to facilitate the financial package, with an $81 million equity investment.
Financing also includes $24 million of grants awarded by the government of the Netherlands, according to Circtec's May 21 news release.
The company said it broke ground on "Europe's largest" waste tire pyrolysis facility on May 17 with other key investors including BP and Birla Carbon.
As previously announced, the company has reached a long-term agreement with BP for the supply of its sustainable marine fuel and circular naphtha products to the U.K. energy major.
Circtec also struck a long-term deal with Birla Carbon for the supply of its rCB to the Indian carbon black manufacturer.
At full capacity, Circtec said the plant will be able to process 200,000 metric tons per year of end-of-life tires, about 5 percent of the 3.6 million tons of ELT generated in Europe annually.
Circtec's process converts waste tires into Hupa-branded renewable "drop-in" marine fuel, circular naphtha petrochemical feedstock and circular chemical recovered carbon black.
