EMV Capital has acquired the Pryme One plastics waste chemical recycling plant at the Port of Rotterdam, Netherlands, for an undisclosed sum through its newly formed subsidiary Winalot BV.
The plant was completed and commissioned in 2023, with its construction estimated to have cost more than €50 million ($57.7m).
Pryme One uses pyrolysis technology to convert waste plastics into petrochemical products. It began commissioning in 2024 and generated revenue from sales of pyrolysis oil before operations ceased in March 2026 following problems with its reactor technology.
EMV Capital plans to explore restarting the plant using reactor technology developed by its portfolio company DeepTech Recycling (DTR).
Further capital needed
DTR has developed a fluidised bed reactor which it believes can be retrofitted to the existing plant. Winalot estimates that approximately £6m ($8m) of additional capital expenditure will be required for the restart, with commercial operations potentially resuming within about 18 months.
The proposed restart is subject to funding being secured, definitive commercial terms being agreed with DTR, and successful completion of the retrofit programme.
Winalot and DTR will now negotiate terms covering DTR’s technology, reactor and related support services, although EMV Capital said there was no certainty that an agreement would be reached.
The plant is located at Plant One Rotterdam in the Botlek area of the Port of Rotterdam, close to major refineries and chemical producers.
Dr Ilian Iliev, chief executive of EMV Capital and investor director of Winalot, said: “This is an exciting opportunity to acquire an industrial-scale plastics recycling facility at a significant discount to its construction cost and with the potential to bring it back into commercial operation through the application of technology developed by an existing EMV Capital portfolio company.
‘Attractive industrial asset’
“The transaction is a strong example of our venture building model in action, bringing together an attractive industrial asset, innovative technology, specialist expertise and third-party capital.
“It also represents a potentially significant opportunity for DTR, which, subject to agreeing definitive terms and successful implementation, could secure its first full-scale commercial deployment and an important reference site for its technology.”
The acquisition and Winalot’s initial working capital were funded through third-party debt arranged by EMV Capital Partners. The initial funding included a term loan of approximately £1.7m ($2.3m).
EMV Capital said a further £6m ($8m) would be required to restart the plant, with funding potentially coming from debt, grants and equity.
