Resynergi Raises $6.4M in Series B Funding Co-led By Transitions First and Lummus Technology To Scale Plastic Recycling Technology
ROHNERT PARK, Calif., Jan. 10, 2024 /PRNewswire/ -- Resynergi, a pioneering leader in plastic recycling technology, announced today it has raised $6.4M in series B funding co-led by Transitions First (T1ST), an international industrial deep tech seed-stage venture capital fund, and Lummus Technology, a global provider of process technologies and value-driven energy solutions. The funding will allow the company to scale production of its modular Continuous Microwave Assisted Pyrolysis (CMAP) technology that converts plastic waste into reusable materials at a rate 20 times faster than traditional pyrolysis methods. The company also plans to expand its executive team to drive growth and further cement the company's position as a leader in plastic circularity.
Marked as a significant advancement in plastic circularity, company's groundbreaking Pyrolysis technology converts plastic waste to clean, high-quality, environmentally friendly reusable material
ROHNERT PARK, Calif., Jan. 10, 2024 /PRNewswire/ -- Resynergi, a pioneering leader in plastic recycling technology, announced today it has raised $6.4M in series B funding co-led by Transitions First (T1ST), an international industrial deep tech seed-stage venture capital fund, and Lummus Technology, a global provider of process technologies and value-driven energy solutions. The funding will allow the company to scale production of its modular Continuous Microwave Assisted Pyrolysis (CMAP) technology that converts plastic waste into reusable materials at a rate 20 times faster than traditional pyrolysis methods. The company also plans to expand its executive team to drive growth and further cement the company's position as a leader in plastic circularity.
Following the successful investment, Leon de Bruyn, President and CEO of Lummus Technology, and Marianne Abib-Pech, Managing Partner, T1ST and former Global CFO of Shell Aviation, are joining the company's board of directors.
"We're accelerating plastic circularity with our technology," said Resynergi CEO Brian Bauer. "By diverting plastic from our landfills and oceans we're on a mission to protect human health and our environment. This round of funding and the additions to our board of directors underscores our position as a trusted solution partner in the recycling ecosystem for those who view hard-to-recycle plastic as a resource to meet the outsized market demand for products that incorporate recycled plastic. With the support of our investors and partners, we're on a trajectory to execute our next phase of growth to help communities realize the promise of recycling their plastics while creating new sustainable materials that reduce dependence on fossil-based resources."
"As our natural resources are increasingly scarce, supporting Resynergi in scaling their recycling process technology is an example of our role in driving innovation and accelerating industrial transitions for a more sustainable future," said Marianne Abib-Pech, Managing Partner, T1ST.
"Our investment in Resynergi expands our range of clean energy solutions and aligns with our commitment to support a more circular, low carbon future," said Leon de Bruyn, President and Chief Executive Officer, Lummus Technology. "Resynergi's progress in advanced recycling technology allows us to meet the growing need for waste to clean energy conversion in the downstream energy industry."
With an estimated 70% growth in plastic waste by 2050, Resynergi's modular CMAP technology is positioned to scale waste conversion creating positive social and environmental impact. Resynergi's advanced recycling technology can utilize high-density polyethylene (HDPE), low-density PE (LDPE), polypropylene (PP), and polystyrene (PS) waste plastics, which represent approximately 60% of the plastic types produced.
Resynergi CMAP Technology Highlights:
- Modular Design allows for rapid deployment and scalability, making advanced recycling more affordable and versatile.
- Compact Footprint – 10X smaller reactor footprint and system-on-a-skid design eliminates local waste management and municipality's typical square footage requirements for a "recycling plant."
- Rapid Time to Value – Modules scale horizontally, allowing deployment and start up in weeks, rather than years.
- Faster Conversion – Harnessing microwave energy, plastic molecules are broken down 100X faster than traditional pyrolysis reactors.
- High Quality Output – Oil products that meet standards set by refinery partners for chemical recycling.
- Clean Energy Efficiency and Environmentally Friendly Process – CMAP generates clean products with up to 68% CO2e reduction.
Today Resynergi's proven continuous 1-Ton CMAP reactor unit converts 1.25 tons of both post-industrial and post-consumer plastic waste per day. By placing 4 CMAP reactor units on a skid, Resynergi plans to convert 5 tons per day and scale production of its reactor units-on-a-skid model across the U.S.
"In many cities, it's economically challenging to collect more than 50 tons of plastic waste per day," said Bauer. "Our technology is highly efficient within the 20 to 50 tons per day processing window, making it a game-changer for communities."
About Resynergi
Resynergi, headquartered in Rohnert Park, CA, is an advanced recycling technology company accelerating plastic circularity to protect human health and the environment. Its innovative, scalable and environmentally efficient Continuous Microwave Assisted Pyrolysis (CMAP) technology reduces fossil-based resource dependency by converting plastic into its molecular building blocks to be used to create new materials. Resynergi works with recycling organizations to secure used and hard-to-recycle plastics, effectively diverting millions of pounds of plastic from landfills and oceans. Its proprietary process creates clean, liquid hydrocarbons serving as feedstock for the synthesis of new plastics. Resynergi aims to convert billions of tons of plastic waste into circular products in support of the 2030 Sustainable Development Goals and beyond.
About Transitions First
Transitions First is an early-stage US fund focused on accelerating scale-up for sustainability-focused industrial Deep Tech startups from Silicon Valley, Europe, and the Middle East. Created by experienced entrepreneurial executives and scientists, T1ST was spun-off from UC Berkeley and invests in mature enough technologies with the purpose to (re) build local, sustainable supply chains and change the way we produce. Our diverse and experienced team combines a recognized knowledge and track record in the investment world with a proven ability to drive scale-up of capex-rich projects. T1ST's ambition is to act as a growth catalyst for deep-tech start-ups, fast-track product market fit and address industrial scaling challenges. We help start-ups move from "kilos to tons."
About Lummus Technology
Lummus Technology is the global leader in developing technology solutions that make modern life possible and focus on a more sustainable, low carbon future. We license process technologies in clean fuels, renewables, petrochemicals, polymers, gas processing and supply lifecycle services, catalysts, proprietary equipment and digitalization to customers worldwide. To learn more about Lummus, visit www.LummusTechnology.com.
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SOURCE Resynergi Inc.
