Gr3n has received investment commitments amounting to 6.3 million euros in a series B financing round. With this, the company based in Chiasso has already obtained capital totalling 7.5 million euros this year according to a press release. The main investors from the current financing round are the American industrial corporations Chevron and Standex.
Gr3n states that these funds have brought the company’s aim of being the world’s leading supplier of recycled polyethylene terephthalate (PET) and polyester “closer to becoming reality”. Its DEMETO (depolymerization by microwave) technology breaks down all types of PET and polyester plastics.
The building block derivatives or monomers created in this way can be endlessly repolymerized according to information from the company. The new material has the same functionality as the original. This means that Gr3n can facilitate recycling bottles into textiles, textiles into textiles, and even textiles into bottles.
Together with Gr3n, Standex hopes to offer its customers “breakthrough solutions” according to David Dunbar, President and CEO of the Standex Engineering Technologies Group based in the US. Standex and Gr3n have already developed a solution for a global client from the area of renewable energy production over the course of the past year.
According to Gr3n Founder and Chief Executive Maurizio Crippo, Gr3n looks forward to proving that “a scientific approach is the only way to bring an efficient chemical recycling process for PET to market – thereby making the circular economy a reality”.