GR3N Secures €15.5 Million to Scale PET Recycling Technology in Spain

Swiss PET recycling technology developer GR3N has raised €15.5 million in a Series B funding round led by 360 Capital, with VP Textile joining as a new investor, according to a company announcement. The funding will support the development of the company’s first commercial-scale recycling facility in Spain.

GR3N said it has developed a patented Microwave-Assisted Depolymerisation (MADE) process designed to recycle a broad range of PET waste streams, including packaging materials, polyester textiles, films and coloured plastics. The company claims the technology can produce food-grade monomers while reducing carbon emissions by up to 80% compared with virgin PET production.

The investment comes as regulators and brand owners increase pressure on the plastics value chain to incorporate more recycled content. Under the European Union’s Packaging and Packaging Waste Regulation (PPWR), recycled content requirements for PET packaging are set to increase over the coming decades, creating demand for technologies capable of processing more complex waste streams.

According to industry reports, approximately 98% of current PET recycling relies on mechanical processes, which are largely limited to clear and blue bottles. GR3N argues that a significant portion of PET waste, including textile fibres and coloured materials, remains difficult to recycle using conventional methods.

The company plans to use the proceeds to advance Modus, a planned 40,000-tonne-per-year recycling facility in Spain. The project is being developed in partnership with Intecsa Industrial, part of the Cobra IS industrial group, which will oversee engineering and EPC execution.

GR3N said the project has secured a €35 million grant under the European Union Innovation Fund’s large-scale industrial projects program. Financial close is expected in the fourth quarter of 2027, while commercial operations are scheduled to begin in the second quarter of 2030.

The company also announced the appointment of Martin Stephan as chief executive officer. In a statement, Stephan said the funding would help accelerate commercialization of the company’s microwave-assisted depolymerisation technology and support construction of the planned Spanish facility.

Investor 360 Capital cited growing regulatory requirements and increasing demand for recycled polyester as key factors behind its investment decision. Alessandro Zaccaria, partner at 360 Capital, said the firm believes GR3N's technology has the potential to process mixed and contaminated PET waste streams at industrial scale.

VP Textile, which participated in the funding round, said it sees potential applications for chemically recycled polyester in workwear and protective clothing. The company noted that the purity of the recycled raw materials produced by GR3N could help support the production of recycled textile products.

GR3N currently holds patent families covering both its depolymerisation process and proprietary recycling equipment.

Source: Startupbusiness

SUNSHINE Spotlight: GR3N's latest funding round supports the commercial deployment of chemical recycling technology aimed at expanding PET recovery beyond conventional bottle-to-bottle recycling.