Novo Holdings and A.P. Moller Holding back CIRCTEC, a leader in pyrolysis for sustainable end-of-life tyre recycling, in a €150 million financing round
- Novo Holdings and A.P. Moller Holding have enabled a €150 million fundraise for CIRCTEC by leading with a €75 million equity investment. Financing includes €22.5 million of grants awarded by the Government of the Netherlands.
- The funding enables CIRCTEC to construct Europe’s largest end-of-life tyre pyrolysis recycling facility in Delfzijl, the Netherlands.
- The construction of the new plant was announced on 17th May at a ceremony attended by offtake parties BP and Birla Carbon and by agencies of the Government of the Netherlands that contributed grant finance – The Netherlands Enterprise Agency (RVO) and Groningen Province.
Discarded tyres pose significant environmental and health risks, accumulating in landfills, and polluting ecosystems with toxic substances. The current scale of tyre waste exceeds the reach of existing recycling efforts, with over half of Europe’s waste being incinerated or being exported to Asia and Africa for environmentally damaging disposal, underscoring the vital need for innovative solutions in tyre waste management. Moreover, the increasing adoption of electric vehicles will further exacerbate the tyre waste problem as tyres used for electric vehicles wear down faster.
