ESG Today writes that UK-based Circtec uses pyrolysis technology to turn waste into renewable fuels and chemicals. Pyrolysis is a process that decomposes old waste materials, such as tires, in an oxygen-free environment, turning this waste into renewable fuels and chemicals. The substances obtained from recycling the used tires can be used to manufacture new rubber for car wheels, as well as sustainable plastics and clean marine fuel.

Circtec officials claim that the upcoming Dutch facility will be able to tackle 5% of the 3.6 million tons of end-of-life tires generated annually in Europe, while cutting the emissions of the chemical industry in the Netherlands by around 3%.

Allen Timpany, Co-founder and CEO of Circtec, said that "the success of this new investment round gives us the partners that will enable us to take CIRCTEC to the next level in realizing our goal of scaling sustainability. Bringing our technology to a global scale will generate meaningful contributions to the sustainability of the planet."

Novo Holdings and A.P. Moller Holding led the financing round, with a 75 million euros equity investment from both companies.