Pryme is a Rotterdam-based cleantech company that converts waste polypropylene (PP) and polyethylene (PE) into pyrolysis oil (Liquid Plastic Waste) through industrial-scale chemical recycling. Its Rotterdam factory converts 40,000 tonnes of waste plastic into 30,000 tonnes of Liquid Plastic Waste (LPW) annually, which is processed into naphtha—a feedstock with properties equivalent to fossil plastics. The company says it provides a fast, sustainable and scalable solution to make plastics circular and aims to develop a portfolio of owned-operated plants with strategic partners to foster a low‑carbon circular plastic economy. Pryme plans to use recent funding to accelerate technology rollout and to finance new production sites, ongoing improvements to its Pryme One technology, site selection, permitting and front-end plant engineering. Financially, Pryme raised €10M in April 2024 from Taranis Investment Limited via Taranis Carbon Ventures and has now secured an unsecured term loan facility from Energietransitiefonds B.V. (ETF‑R). The company was founded in 2018, is led by CEO Christopher Hervé, and is listed on Euronext Oslo Growth Market. Pryme develops and operates chemical recycling technology that converts plastic waste into pyrolysis oil, aiming to address hard-to-recycle plastic streams. The company has initialized production at its first industrial-scale unit, Pryme One, in the port of Rotterdam and is in the early production phase. Pryme’s first plant has an expected nameplate intake capacity of about 40,000 tons of plastic waste annually. The firm plans to roll out a wider network of owned-and-operated plants with strategic partners to maximise its technology’s impact and support a circular plastic economy with a low carbon footprint. Pryme is listed on Euronext Growth Oslo. Recent fundraising activity is intended to accelerate the deployment and optimisation of its pyrolysis process. Pryme is a chemical recycling company based in Rotterdam that uses a modified pyrolysis process to convert plastic waste into pyrolysis oil, which is then refined downstream for production of new plastics. The company says its process combines high conversion rates with large scale and, by utilizing electricity for the process, enables a potentially zero overall carbon footprint. Pryme has an experienced team with backgrounds in recycling, raw materials, pyrolysis, chemical and construction industries. It has entered a feedstock supply agreement with Suez and signed an LOI with Shell Chemicals for off-take and downstream development. Pryme will use net proceeds from the recent financing to build the organization and start construction of its first plant in Rotterdam. That first plant is scheduled to start production in early 2022.

Total raised

$18M

Funding rounds

3

Latest round

Debt Financing

Latest activity

Jun 2024