With this investment, Infinity joins a number of organizations that have invested in Clariter over the last year, highlighting strong investor confidence in Clariter's breakthrough chemical upcycling technology.

Increased consumer environmental awareness has also increased the momentum of circular economy innovators like Clariter, whose breakthrough chemical recycling technology can upcycle a wide range of plastics.

Clariter provides a new, profitable alternative for traditional plastic waste. The company's proprietary technology transforms most plastic waste streams into high-quality, high-value products that can be used as inputs into over 1,000 sustainable industrial and consumer products.

With its profitable, net-carbon-negative and resource-efficient plastic-to-products solution, Clariter stands out in its field with the potential to become a powerful solution to the world's plastic waste problem.

Infinity Recycling's Circular Plastics Fund aims to support businesses scaling up their proven, advanced recycling technologies, making Clariter an ideal partner.

Common goals unite the two companies: to connect the value chain, prove the complementarity of mechanical and advanced recycling, and finally tackle the global plastic waste crisis.

Clariter's Founder and CEO, Ran J. Sharon, said: "Clariter is on the cusp of a new phase in its evolution, with its impending global rollout and rapid growth. We have spent 19 years perfecting our technology to create a viable solution to plastic waste - creating high- quality, high-value products from most types of plastic waste using a highly efficient process with minimal waste and emissions. Having achieved a mature and market-ready technology, it is the perfect time to partner with expansion-oriented impact investors like Infinity. This investment will accelerate our growth, bringing us faster towards a sustainable future for us all."

Jan Willem Muller, Infinity's Managing Partner added:

"Having followed Clariter's evolution over the last few years, we are delighted to see the strides the company has made in developing its business, as well as their ESG focus, which we are eager to help Clariter mature in line with the sustainability principles that underpin the Circular Plastics Fund. Infinity is pleased to be able to step in as an investor and support the scaling up of a technology that differentiates itself in the plastics recycling industry by making end-products that can be directly used in consumer products manufacturing, reducing the market's dependency on fossil feedstock."

The investment was made under Article 9 of the Sustainable Finance Disclosure Regulation (SFDR), which improves the transparency in the market for sustainable investment products and mitigates the risk of greenwashing.

About Clariter:

Clariter is a global cleantech company that has developed a chemical recycling process that provides a solution to the plastic waste epidemic. This proprietary, efficient technology transforms plastic waste into high-quality, high-value products: oils, waxes, and solvents that replace fossil-based products. Clariter offers a commercially attractive combination of profitability and sustainability.

For further details, please contact Clariter's Public Relations Specialist, Barbara Ciesielska, at: barbara.ciesielska@clariter.com

About Infinity Recycling:

Infinity Recycling is a Rotterdam-based investment fund manager creating markets for end-of-life waste streams by investing in advanced recycling technologies. The team's experience in trading commodities and growth capital investing provides considerable value to technology companies, helping to convert valuable IP into profitable, scalable businesses. The Fund is committed to strong ESG performance and is classified as an Article 9 "dark green" impact fund, the highest designation under the EU's Sustainable Finance Disclosure Regulation (SFDR).

a private share placement in Pryme N.V., the cleantech developer of the technology for the plant. Pryme is listed and publicly traded on the Euronext Growth Market in Oslo. The EUR 6.3 million investment represents 40% of the private placement and provides Infinity Recycling's Circular Plastic Fund with a 20% stake in the company.

This is the first investment by the Circular Plastics Fund, which backs companies scaling up proven advanced recycling technologies to break down surging plastic waste flows into primary commodities, which can then be reused in perpetuity by the industry as inputs for new products. The Fund completed a successful initial capital raise in February where it received strong backing from global plastic supply chain investors and Invest-NL, the Dutch investment agency.

The Pryme plant, which is under construction in Rotterdam, is due to start commissioning in the fourth quarter of 2022 and will process about 40,000 tonnes of waste plastic annually once fully operational. Over the next five years, the Pryme technology will be rolled out in plants in Rotterdam and other key petrochemical hubs in Northwestern Europe, adding a further 160,000 tonnes in production capacity.

Jan-Willem Muller, Managing Partner at Infinity Recycling, said: “We are immediately putting to work the capital we have raised for the Circular Plastics Fund in one of the most pioneering advanced recycling projects in Europe. While there are other sites with greater capacity, these are processing modules linked together, and Pryme's Rotterdam development is going to be the largest single reactor in Europe. We need to develop many more advanced recycling plants of this scale to tackle the 'end-of-life' waste crisis created by the ever-linear growth in the consumption of plastics.”

The Pryme facility uses 'pyrolysis' technology, an efficient advanced recycling process which converts about 70% of the mixed plastic waste into a secondary raw material, pyrolysis oil, which can be used by the chemicals industry within existing infrastructure as a substitute for naphtha, the key component in the production of new plastic products. The energy used in the pyrolysis process produces around 70% lower carbon emissions than incineration, together with landfill and environmental leakage the main end-destinations for 80% of plastic waste globally, and represents around a 40% to 60% cut in CO2 emissions compared with the production of virgin feedstock from fossil fuels.

Pryme estimates more than 10 million tonnes of European plastic waste annually is suitable as feedstock for recycling in its plants and the technology will in the future make a significant contribution to the EU's target of 50% of plastic packaging waste being recycled in Europe by 2025. Dutch independent research organisation TNO estimated in 2021 that 92,000 tonnes of CO2 emissions a year could be avoided by chemical recycling (pyrolysis) of plastic waste versus incineration (energy recovery) for each Pryme reactor line of 40,000 tonnes.

Approximately 400 million tonnes of plastic waste, equivalent to over 35 kgs for each person on the planet, are created annually. Less than 10% of this is recycled globally. Management consultancy McKinsey & Co. estimates that the global market for advanced plastic recycling will reach 500 million tonnes per year by 2050, generating more than USD 300 billion in revenues and could account for around 40% of total virgin feedstock supply for new products.

The advanced 'upcycling' of waste complements mechanical recycling as it allows the conversion of even the most difficult plastic waste streams into valuable primary commodities and overcomes quality restrictions in the use of recycled materials in the manufacturing of new food packaging, which accounts for around 40% of global plastic demand. When plastics are mechanically recycled around six times, they also become unusable for producing new products.

Johannes van der Endt, Founder and CEO of Pryme, said: “The investment by Infinity Recycling's Circular Plastics Fund will allow Pryme to complete its advanced recycling plant in Rotterdam and takes us a big step closer to a true low carbon circular market for plastics at the heart of Europe's petrochemical industry. It enables a validation of our low carbon technology on industrial scale by the end of this year, which will be followed by an ambitious rollout across Europe and around the world, in collaboration with our strategic partners. “

Infinity Recycling's Circular Plastics Fund is an Article 9 'dark green' impact fund, the highest designation under the EU's Sustainable Finance Disclosure Regulation (SFDR), delivering significant CO2 reductions, while targeting a net IRR of 18% to 22%. The Luxembourg-registered fund has an initial investment target of EUR 150 million.

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