Tire pyrolysis company Circtec secures €150m funding for European plant

London – Circtec, a UK-based waste tire pyrolysis company, has secured funding of €150 million for the construction of a flagship plant in Delfzijl, The Netherlands.

As part of the process, investment companies Novo Holdings and AP Moller Holding helped to facilitate the financial package, with a €75-million equity investment.

Financing also includes €22.5 million of grants awarded by the government of The Netherlands, said Circtec's 21 May announcement.

The company said it broke ground on “Europe’s largest” waste tire pyrolysis facility on 17 May with other key investors including BP and Birla Carbon.

As previously announced, the company has reached long-term agreement with BP for the supply of its sustainable marine fuel and circular naphtha products to the UK energy major. (ERJ report)

Circtec has also struck a long-term deal with Birla Carbon for the supply of its rCB to the Indian carbon black manufacturer. (ERJ report)

At full capacity, Circtec said the €285-million plant will be able to process 200ktpa of end-of-life tires (ELTs), about 5% of the 3.6 million tonnes of ELTs generated in Europe annually.

Circtec's process converts waste tires into Hupa-branded renewable 'drop-in' marine fuel, circular naphtha petrochemical feedstock and circular chemical recovered carbon black (rCB).