Investment Partnership between Novelplast and Ocean 14 Capital Fund to Drive PET/Polyester Recycling Growth
Novelplast, a PET/polyester recycling company based in Meath, Ireland, has secured a significant investment deal with UK-based venture fund Ocean 14 Capital Fund 1 SCSp. The partnership aims to further grow Novelplast’s business and expand its reach in the global recycling market.
Ocean 14, founded in 2020, focuses on blue and ocean sustainability technology and has already made several investments in companies addressing the plastic waste issue. Backed by the Ikea group and the Monaco sovereign wealth fund, Ocean 14 has reportedly invested €10 million in Novelplast, marking a major milestone for the Irish recycler.
Novelplast, founded in 2017, has made significant strides in the recycling industry by developing a unique manufacturing process to upcycle PET/polyester feedstocks into high-quality rPET pellets. With a recent investment of €2.5 million in a second production line, Novelplast has increased its capacity to meet growing demand and is now the largest plastics recycler in Ireland.
The partnership with Ocean 14 will enable Novelplast to create 20 new jobs and expand its operations into the US and the Middle East. CEO Neil Skeffington expressed excitement about the collaboration, stating, “As an impact investor, the fund will bring expertise and capital to help us become one of the largest and most responsible recyclers in the world.”
With global plastic recycling rates still below 10%, the recycling industry has immense potential for growth and importance in the shift towards a circular economy. The investment in Novelplast comes at a crucial time, as upcoming EU regulations and consumer pressures are expected to drive further development in the recycling sector.
Novelplast will showcase its innovative solutions at the Plastics Recycling Show Europe in Amsterdam this June, highlighting its commitment to sustainability and responsible recycling practices. The partnership with Ocean 14 is set to propel Novelplast towards becoming a key player in the global recycled plastics market, valued at $50 billion and projected to grow significantly in the coming years.