PerPETual Global Ltd, which recycles old PET bottles in order to create new PET material, intends to join AIM at the end of July.
Guernsey-registered PerPETual (www.perpetual-global.com) uses patented ReNEW technology, which was invented in 1993, to make the new PET bottles from recycled material. The backing of Aloe Private Equity, which still owns 56.8% of the company, enabled PerPETual to acquire a PET manufacturer in India.
The recycled PET is equivalent to new PET and can be blended with it. The PET market is worth $80bn a year and still growing and it equates to 18% of global polymer production. This includes textiles and crisp packets as well as bottles.
The ReNEW plant can be stand-alone or attached to a conventional PET plant. The company’s first plant is at Nashik, India. It includes a 10,000 tonne per annum ReNEW plant and a 30,000 tonne per annum conventional PET plant, plus an environmental polyester filament yarn facility for textiles. Each day 1m PET bottles are recycled to make 72 tonnes of sustainable filament yarns, which can be sold to more than 100 customers. This plant generated revenues of $33m last year.
The cash raised in the flotation will expand production at Nashik and develop other sites. There are a further six sites and partners already identified in North America, Europe and Asia.
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