GR3N SA, a Lugano-based PET recycling company, has closed a €15.5 million Series B round to finance MODUS, its first industrial-scale plant in Spain.
The facility is planned to process 40,000 tons per year and represents the company’s next step in scaling its MADE recycling technology from pilot operations to commercial deployment. GR3N said MODUS has also been selected to receive €35 million from the EU Innovation Fund.
360 Capital led the round, with VP Textile joining as a new investor. Founded in 2011, GR3N has developed a microwave-based alkaline hydrolysis process designed to recycle PET waste into food-grade monomers that can be reused indefinitely.
The financing comes as pressure grows to expand recycling options for harder-to-process PET waste streams, including colored bottles, textile fibers and films, which are often not suited to conventional mechanical recycling.
The facility is planned to process 40,000 tons per year and represents the company’s next step in scaling its MADE recycling technology from pilot operations to commercial deployment. GR3N said MODUS has also been selected to receive €35 million from the EU Innovation Fund.
360 Capital led the round, with VP Textile joining as a new investor. Founded in 2011, GR3N has developed a microwave-based alkaline hydrolysis process designed to recycle PET waste into food-grade monomers that can be reused indefinitely.
The financing comes as pressure grows to expand recycling options for harder-to-process PET waste streams, including colored bottles, textile fibers and films, which are often not suited to conventional mechanical recycling.