Processing 4,000 tons of plastic waste annually into valuable building and construction materials. That's what Uppact | the UnWaste Company is going to do, now that funding is in place for the entire project. The NOM and the Groninger Growth Fund (GGF) are joining as shareholders and the Polestar Capital Circular Debt Fund is providing a loan. Together with the previously obtained JTF grant, this has raised the capital to start up the first line at the DEMO plant in Farmsum in the middle of next year. This plays a crucial role in the transition to a circular economy, in which waste streams are converted through recycling and reuse into useful and preferably circularly designed products for the regional market.
The scale-up of Jan Jaap Folmer and Michel Walstock can do something special: process unwashed, unsorted and unshredded streams of mixed plastic and textile waste into robust poles, planks and beams. The Unwastor - as UPPACT calls the machine developed by Plastech Recycling in Australia - is already demonstrating that in the hall of maritime waste collector Bek & Verburg in Eemshaven. Now it's time for the next step: a full production line at the Chemport Innovation Center (CIC) in Farmsum.
,,This is a crucial moment. Getting funding together for a project like this is a big job, so we are very happy to have the confidence of NOM, the Groninger Growth Fund and Polestar Capital to build our DEMO factory," said Michel Walstock (CFO of Uppact). ,,Now we can move on, on our way to making as much impact as possible. Because that's what we're all about. That plastic shouldn't go into the incinerators anymore.'' The Unwastor in the DEMO factory will be over 3 times the size of the test model now running in Eemshaven. Simply put, the machine swallows all kinds of plastic and spits out beautiful products. Poles, planks, beams for use in construction, but also fenders that serve in the port of Delfzijl. Jan Jaap Folmer (CEO of Uppact): ,,Our customers are wildly enthusiastic about the quality of our products.''
Impact VC
Emma Schakel, investment manager of the Groninger Growth Fund: ,,Uppact fits seamlessly with our objectives. We want to strengthen the region in the field of green chemistry. That is exactly what Uppact can do: recycle and also turn it into a profitable model. That's how you create the most impact.''
And NOM is also happy to be part of that, says NOM investment manager Sytze Hellinga: "We see the potential, not only in the process, but also in the team. The past few years have already proven that what Uppact wants is possible. We are now going to see together how beautiful and impactful the future is going to be.''
Jan-Willem König, CEO of Polestar Capital said, "The very fact that Uppact can process plastic waste that is sorted out at mechanical recyclers makes the technology complementary to existing plastic recycling. In doing so, they contribute to more circularity in the plastic chain, a goal that both Uppact and we share. We are therefore pleased that our loan helps make that possible."
"We are very pleased to take this important step toward a sustainable future," Folmer added. "With the support of these investors and partners, we look forward to contributing to building a circular future."
About Uppact
UPPACT | the UnWaste Company expects to remove 4,000 tons of plastic and textile waste from the waste stream annually with this first DEMO plant and prevent its incineration. This will not only help reduce dependence on primary raw materials, but also reduce CO2 emissions. UPPACT plans to scale up further in the Northern Netherlands and to set up several similar facilities in the Netherlands and Northwest Europe. This approach fits seamlessly with the objective of both Dutch and European policies to promote the circular economy and to recycle and reuse plastic waste as much as possible.
About PCDF
PCDF is Europe's largest debt fund focused on funding the transition to a circular economy. The fund recently closed its fundraising at €240 million. Through PCDF, Polestar Capital invests in innovative circular projects with the potential to create a systemic ecological impact globally, both through waste reduction and recycling and by replacing fossil fuels. This reduces the use of new raw materials and carbon emissions. Often these projects struggle to find adequate funding. Banks usually find such projects too innovative, and the projects are generally too capital-intensive for venture capitalists to finance the unsubsidized portion entirely with equity. By closing this funding gap, PCDF enables circular manufacturing companies to prove their technologies and business models on a commercial scale. In doing so, the fund paves the way for other funders to finance the further scale-up of these technologies. Investments by PCDF benefit from European Union support under the InvestEU fund. For more information, visit www.pcdf.nl
About Groninger Growth Fund
The Groningen Growth Fund is the fund of the Economic Board Groningen and the Province of Groningen that makes a difference in North Groningen. With the fund, EBG drives economic growth and creates additional jobs to ensure more activity and employment.
