GR3N Raises €15.5 Million to Advance PET Recycling Technology
GR3N, a Swiss company based in Lugano, Ticino, has successfully raised €15.5 million in a Series B funding round. The round was led by 360 Capital, a prominent venture capital firm. GR3N, co-founded by Matteo Parravicini with Maurizio Crippa serving as CEO, specializes in creating depolymerization plants that convert recycled monomers into virgin-grade PET.
Funding to Support Innovative Recycling Plant
The newly acquired funds will primarily be used to construct the world’s first microwave-based PET recycling plant. This plant aims to address the significant issue of plastic waste, tackling the 85% of plastic that currently remains unrecycled. GR3N's innovative approach utilizes microwave technology to enhance the efficiency and effectiveness of PET recycling processes.
Leadership and Vision
CEO Maurizio Crippa stated, "Our goal is to revolutionize the recycling industry by making PET recycling more sustainable and efficient." This investment will enable GR3N to further develop its technology and expand its operational capabilities.
Strategic Use of Funds
The Series B funding will also facilitate further technological advancements and potential market expansions. While specific details on hiring or geographic expansion were not disclosed, the primary focus remains on developing the new recycling plant.
Location and Industry Impact
Situated in Switzerland, GR3N’s efforts contribute significantly to the region’s growing reputation as a hub for sustainable technology innovations. The success of this funding round reflects the increasing investor interest in solutions that address global environmental challenges.
With this investment, GR3N is well-positioned to make significant strides in the recycling industry, potentially setting new standards for how PET recycling is approached worldwide.