Swiss cleantech company GR3N has successfully closed a €15.5 million Series B funding round to advance its innovative plastic recycling technology. The round, led by deep-tech venture capital firm 360 Capital, will finance the commercialization of its unique microwave-based process. This strategic funding coincides with the appointment of Martin Stephan as the new Chief Executive Officer to steer the company's growth.
Addressing a Critical Recycling Gap
The global recycling infrastructure faces a significant challenge, as current mechanical methods can only process a small fraction of PET plastic waste. This dominant technology is limited to clear or light-blue bottles, which constitute merely 15% of the total PET stream. Consequently, the vast majority of PET, including colored containers and polyester textiles, is deemed unrecyclable and sent to landfills or incinerators.
The Innovative MADE Technology
GR3N has developed a groundbreaking solution called Microwave-Assisted Depolymerisation, or MADE, to tackle this issue. The patented technology employs microwaves to efficiently break down complex PET and polyester waste into its fundamental molecular components. These resulting monomers are of virgin quality, enabling them to be repolymerised into new food-grade packaging and high-performance textiles without any loss of quality.
Unlike competing chemical recycling methods, the MADE process has no feedstock limitations and can process heavily contaminated and mixed plastic streams. This approach also boasts significant environmental benefits, with initial data showing a potential CO2 emission reduction of up to 80% compared to producing virgin PET. The company's intellectual property is secured by three distinct patent families covering the process and proprietary equipment.
Commercialization with the MODUS Plant
The new capital will be primarily directed towards the development of MODUS, the world's first industrial-scale plant utilizing this microwave technology. The facility will be constructed in Spain by Intecsa Industrial and is designed to process 40,000 tonnes of PET waste annually. This ambitious project is further bolstered by a €35 million grant agreement from the European Union's Innovation Fund.
The company has set a clear timeline for bringing this pioneering facility online, targeting a formal financial closing for construction by the fourth quarter of 2027. Commercial operations are then slated to commence in the second quarter of 2030, marking a major milestone for the chemical recycling industry. This schedule reflects the complexities involved in launching a first-of-a-kind deep-tech industrial project.
Market Dynamics and New Leadership
GR3N's commercial push is perfectly timed with increasing regulatory pressure on producers to incorporate more recycled materials. Evolving directives, such as the EU's Packaging and Packaging Waste Regulation, are setting stringent targets for recycled content that current infrastructure cannot meet. This creates a substantial market opportunity for advanced recycling technologies capable of closing the loop on plastic waste.
Guiding the company through this crucial commercialization phase is the newly appointed CEO, Martin Stephan, who succeeds founder Maurizio Crippa. Stephan brings extensive international executive experience in technology-driven businesses, positioning him to lead GR3N's transition from development to industrial operation. This leadership change signals a strategic focus on scaling the company's impact and market presence.
With its successful €15.5 million funding round, strategic EU support, and new leadership, GR3N is poised to make a significant impact on the circular economy. The company's MADE technology offers a viable and scalable solution to the pervasive problem of PET plastic and polyester waste. The upcoming MODUS plant represents a critical step toward a future where all plastics can be infinitely recycled, reducing reliance on fossil fuels.