Yesterday, May 18th 2021, the press release came out, announcing that Ioniqa (the scale-up based in hub Catalyst on the TU/e campus) has completed a € 10 million funding round for a breakthrough upcycling process to turn PET plastic into a truly sustainable material .
Named ‘National icon’ by the Netherlands’ government in 2019, Ioniqa is leading the pack in the field of enhanced recycling for PET plastics bringing its solution to the world. The funding comes from one new investor joined by several existing shareholders and will be used for scaling up and rollout. In today’s market, governments, international brands and plastic producers are setting themselves steep targets for 100% recycled PET plastics, led by a major shift in consumer demands. This creates a massive pull for the circular solution Ioniqa is delivering.
Tonnis Hooghoudt, Ioniqa’s CEO and founder, says: “Without funds there will be no successful innovations like ours that reduce the CO2 footprint of PET plastics by 75%. We are delivering a solution to the market that has never been tried before at this scale and requires proper resources including funding to counter unexpected challenges along the (scaling-up) way. The new funds enable Ioniqa to continue its journey to make the world a better place by using plastic waste as feedstock for new food grade products. The funding will be used to further ramp up our 10kt plant to full capacity and to prepare licensing packs which will be brought to the market early 2022”.
“We are happy to have the continued support of our current shareholders as well as attracting a new shareholder who has a firm belief in our proposition and the added value that we bring to the market” says Jeroen Bulk, CFO of Ioniqa.
About Ioniqa Technologies
Ioniqa is a clean-tech spinoff from the Eindhoven University of Technology (The Netherlands), specialized in creating value out of waste by using its proprietary circular technology. With a cost-effective process, Ioniqa is able to close the loop for plastics, starting with PET plastics. This award-winning innovation transforms all types and colours of PET plastic waste into valuable ‘virgin-quality’ materials for food-approved PET plastic. Up-cycling processes by Ioniqa for other types of plastic are being researched and are expected to be launched in the near future.