Gr3n announces a successful direct equity capital raise. The funds secured represent the initial fundraising efforts to begin the scale up of the process and demonstration of its industrial viability. The company’s initial Investor is an undisclosed and publicly listed global industrial player. The Company and Investor are looking to continue fundraising efforts and expect to conclude the effort early in 2021. The funding amount and terms of the transaction are undisclosed at this time.
The company’s goal is to become the world leading supplier of recycled PET and polyester, addressing the global need for virgin plastics and triggering a true circular approach to plastic recycling. gr3n has developed the first economically sustainable and industrially viable process for breaking down any type of PET and polyester plastic into its two core components (PTA and MEG monomers), which can be then re-assembled to obtain virgin-like plastics allowing endless recycling loops. The gr3n process is a clean, safe, efficient and profitable way to recycle PET/polyester plastic waste and enables customers and end-users to adopt the principles of the circular economy.
Gr3n expects that the first demonstration plant will be up and running in 1Q21 in Chieti, Italy.