Circtec Secures $163 Million for Major Tire Recycling Plant in the Netherlands

Circular economy technology provider Circtec has raised €150 million (USD $163 million) to construct Europe’s largest end-of-life tire pyrolysis recycling facility in the Netherlands. The UK-based company, founded in 2009, employs pyrolysis technology to recycle waste into renewable fuels and circular chemicals.

Circtec’s innovative solution decomposes old tires through pyrolysis, a thermal decomposition process in an oxygen-free environment. This process transforms waste into high-quality recycled chemicals and renewable fuels. From the recycled tires, Circtec produces sustainable marine fuel, circular naptha for responsibly-sourced plastics, polymers, and chemicals, and carbon black for use in new tires, rubber, and plastics manufacturing.

The new plant in Delfzijl, Netherlands, is expected to process approximately 5% of the 3.6 million tons of end-of-life tires generated annually in Europe. It will significantly reduce greenhouse gas (GHG) emissions, potentially cutting about 3% of the emissions from the entire chemical industry sector in the Netherlands.

Allen Timpany, Co-founder and CEO of Circtec, expressed optimism about the investment’s impact, stating, “The success of this new investment round gives us the partners that will enable us to take Circtec to the next level in realizing our goal of scaling sustainability. Bringing our technology to a global scale will generate meaningful contributions to the sustainability of the planet.”

The fundraising included a €75 million equity investment led by Novo Holdings and A.P. Moller Holding, along with €22.5 million in grants from the Government of the Netherlands. Anders Spohr, Senior Partner in Bioindustrial Investments at Novo Holdings, praised Circtec’s leadership in tire pyrolysis, noting, “Circtec is the global leader in end-of-life tire pyrolysis, and thanks to its unmatched proprietary technology, the company is on a rapid growth trajectory that will now be further accelerated.”